Trump's Potential Federal Reserve Pick Defends Rate Cuts After Ex-President Slammed Jerome Powell's Move
Portfolio Pulse from Benzinga Neuro
Kevin Hassett, a potential Federal Reserve nominee by Donald Trump, defends the recent interest rate cut despite Trump's criticism. The rate cut has led to a surge in the S&P 500 and gold prices, with small-cap stocks also rallying.
October 18, 2024 | 11:47 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The Invesco QQQ Trust, Series 1 (QQQ) experienced a 0.61% increase in pre-market trading, reflecting positive market sentiment following the Federal Reserve's interest rate cut.
The rate cut by the Federal Reserve has led to a positive sentiment in the market, particularly benefiting tech stocks tracked by QQQ, resulting in a short-term price increase.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a 0.25% increase in pre-market trading following the Federal Reserve's interest rate cut, which has positively impacted the S&P 500 index.
The Federal Reserve's rate cut has led to a positive market reaction, with the S&P 500 index rising. As SPY tracks this index, it has also seen a price increase, indicating a likely short-term positive impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80