NEW YORK / LONDON (IT BOLTWISE) – US stock markets have experienced a rollercoaster ride triggered by Jerome Powell’s recent comments. While hopes for further interest rate cuts were dampened, the technology indices were still able to recover and turn positive.
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Recent comments from Federal Reserve Chairman Jerome Powell have sent Wall Street into a frenzy. His comments dampened investor expectations for further rate cuts in December, leading to initial market disappointment. Nevertheless, the technology indices were resilient and were able to recover over the course of the trading day.
The interest rate-sensitive technology indices in particular benefited from the Federal Reserve’s interest rate cut, which occurred for the second time this year. This measure helped to overcome the initial uncertainty and lead the indices into positive territory. The Nasdaq 100, known for its technology heavyweights, rose 0.41 percent, while the Nasdaq Composite rose 0.55 percent.
In contrast, the Dow Jones recorded a slight decline of 0.16 percent, reflecting overall uncertainty and mixed signals from the Fed. The S&P 500 was almost unchanged, reflecting the mixed sentiment in the markets. The reactions to Powell’s comments show how sensitive the markets are to monetary policy signals.
The Fed’s rate cut was expected by many market participants, but the prospect of a possible pause in further cuts in December caused uncertainty. Still, hope remains that the Fed’s loose monetary policy will continue to support the economy, particularly in technology-driven sectors.
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