Brandon McDermid | Reuters
The broad market index traded 0.4 percent higher, and Nasdaq Composite The advanced 0.7% gave Dow Jones Industrial Average 76 points or 0.1 percent increase. The Dow entered the session on a seven-day losing streak. Conspicuously absent from the Nasdaq trend was artificial intelligence Nvidiawhich pulled back 2%. Shares of apple, Tesla And Google Parents Alphabet All marginally more traded.
The Fed is scheduled to begin its two-day policy meeting on Tuesday. It is expected to cut rates by a quarter point by its close on Wednesday. Key for investors will be forward guidance on future policy moves.
“While it’s easy to make a big deal about every FOMC decision and press conference, this final decision in 2024 may be the most interesting,” said Jay Woods, chief global strategist at Freedom Capital Markets. “Since the first cut in September, the unemployment numbers have stabilized. However, the inflation numbers have ticked ever so slightly on the other side. In fact, they’ve been rising every month since the cuts began. Is it just ‘sticky’ or a new trend?”
The stock market is coming off a slow week. The Dow lost 1.8% last week and has lost ground in each of the past seven sessions. The S&P 500 fell 0.6%, and has retreated in four of the past five sessions. The Nasdaq fared better, gaining 0.3% for the week.
After a broad rally following President-elect Donald Trump’s victory in November, the stock market appears to have returned to a narrow tech-led move in recent days.