Stocks mixed, tech weakens before expected Fed rate cut

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STOCKS MIXED, TECH WEAKENS BEFORE EXPECTED FED RATE CUT

Stocks were mixed on Wednesday, with the Dow Jones Industrial Average and S&P 500 recording modest gains, while the Nasdaq Composite is in the red, ahead of an expected rate cut by the Federal Reserve. 

Traders are cautious, with Fed Chair Jerome Powell expected to strike a hawkish tone over future rate cuts as he presides over an increasingly divided U.S. central bank that is weighing high inflation against a weakening labor market.

Fed funds futures traders are pricing in 91% odds of a rate cut, and traders will focus on how many officials dissent to the move. Policymakers are also due to update their economic and interest rate projections for the coming quarters. 

Industrials is the best performing sector ahead of the decision, while tech is the laggard. The U.S. dollar, gold, crude oil and bitcoin are all lower on the day, while benchmark 10-year Treasury yields have eased to 4.17%.

Here is Tuesday’s opening market snapshot:

(Karen Brettell)

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