Powell Says Future Interest Rate Cuts Hinge On Data, Stocks Slip: 'Economy Is In Solid Shape, We Intend To Use Our Tools To Keep It There'
Portfolio Pulse from Chris Katje
Stocks declined after Federal Reserve Chairman Jerome Powell stated that future interest rate cuts will depend on economic data. Despite positive economic indicators, Powell's comments introduced uncertainty into the market.
September 30, 2024 | 7:10 pm
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF (DIA) fell 0.44% following Powell's comments, reflecting market uncertainty.
DIA, which tracks the Dow Jones Industrial Average, decreased as Powell's comments on future rate cuts being data-dependent introduced uncertainty, affecting investor sentiment.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) experienced a 0.35% decline as Powell's remarks on interest rates introduced uncertainty.
QQQ, which tracks the Nasdaq-100, declined as Powell's comments on interest rates being data-dependent created uncertainty, impacting tech-heavy indices.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a slight decline following Powell's comments on data-dependent rate cuts, reflecting market uncertainty.
SPY, which tracks the S&P 500, fell slightly as Powell's comments on future rate cuts being data-dependent added uncertainty to the market. This reflects investor caution.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80