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Aggressive 50bp rate cut: How long will the market frenzy last?
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Moovin Stonks | Market Breaks Records, Mag 7 Adds $400B Thursday

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Kevin Travers joined discussion · Sep 19 09:45
Moovin Stonks | Market Breaks Records, Mag 7 Adds $400B Thursday
Good morning, traders. Happy Thursday, September 19th. The market climbed after the FOMC announced the first rate cuts in four years Wednesday. The S&P 500 and Dow were trading in record territory. Most equities were on the rise Thursday in a sea of green.
My name is Kevin Travers; here are stonks and stories mooving the U.S. stock market today.
$NVIDIA (NVDA.US)$, $Tesla (TSLA.US)$, and $Bitcoin (BTC.CC)$ climbed 4-5% Thursday morning after the rate cut news. The magnificent 7, the top seven growing equities this year that faced a major pullback in the past quarter, were adding $400B in collective market cap Thursday, according to Benzinga.
Moovin Stonks | Market Breaks Records, Mag 7 Adds $400B Thursday
Olive Garden owner $Darden Restaurants (DRI.US)$ struck a delivery deal with Uber Technologies, hoping it will be enough to make up for the decline in same-store sales and consumer demand it reported Thursday morning. Shares climbed 7%, the highest on the S&P 500, though the firm missed adjusted earnings estimates and showed a 1.1% drop in same-store sales. It said its fiscal year was still on track and that July and August were slow for restaurants.
$Airbnb (ABNB.US)$ climbed 7%, swapping out with Darden every few minutes for the top slot after the firm received analysts' updates. Evercore analysts raised their price target on the stock.
$Crude Oil Futures(NOV4) (CLmain.US)$ climbed above $70 again, bitcoin was above $63k. Gold and silver climbed, while   $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell while the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Just past 10:41 am ET the       $S&P 500 Index (.SPX.US)$ traded 1.72%, the         $Dow Jones Industrial Average (.DJI.US)$ climbed 1.18%, and the       $Nasdaq Composite Index (.IXIC.US)$ climbed 2.68%.
The Federal Open Market Committee lowered the target Federal Funds rate by 50 basis points, citing the progress in inflation and slowing job gains. Policymakers took the rate to a range of 4.75 to 5%, noting that the committee has gained greater confidence that inflation is moving sustainably toward 2%.
Futures numbers tracked by CME FedWatch tool expected a 50 bp cut. Based on the Fed's dot plot of rate expectations, they put a midpoint rate target at about 4.4% by the end of 2024, meaning a range of about 4.20%-4.60%, or two 25 bps cuts at each of the next two meetings.
Fed Press Conference Broadcast, Reposted by moomoo
Fed Press Conference Broadcast, Reposted by moomoo
Tuesday, U.S. August retail numbers came out from the Census Beuro. They showed the total value of retail sales increased 0.1% month over month, and 'core' sales excluding food services, auto, building materials, and gasoline.
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Yesterday, users were excited about rate cuts!
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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