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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