Fed Holds Interest Rates Steady As Predicted, Offers No Clues On Potential September Cut: Stocks Hold Gains
Portfolio Pulse from Piero Cingari
The Federal Reserve kept interest rates unchanged at 5.25%-5.5% during its July FOMC meeting, noting improvements in inflation but not suggesting an imminent rate cut. Stocks held gains, with the S&P 500 and Nasdaq 100 rising, while the U.S. Dollar Index saw a slight recovery.
July 31, 2024 | 6:11 pm
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POSITIVE IMPACT
The Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), was up by 2.6% for the session following the Fed's announcement.
The Fed's decision to hold interest rates steady and the positive market reaction led to gains in the tech-heavy Nasdaq 100, benefiting QQQ.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), rose by 1.5% for the session following the Fed's announcement.
The Fed's decision to maintain interest rates and the positive market sentiment led to gains in the S&P 500, benefiting SPY.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), saw a slight recovery to 104.35 levels after the Fed's announcement.
The Fed's decision to hold interest rates steady and the subsequent market reaction led to a slight recovery in the U.S. Dollar Index, positively impacting UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80