On Your Mark…Get Set…
The stock index futures markets are dead quiet at mid-day, but anticipation is high for the Fed announcement expected around 1:15 p.m. Central. As widely reported, the market is hoping for a 50-basis-point cut, and could very well be disappointed by only a 25-basis-point cut.
S&Ps are trading at 1103 currently. Earlier, S&Ps saw decent size trading between 1100 and 1101. We’ll see if the market pushes higher into the “teens” after the FOMC announcement or if it works to fill the gap down into the 1089.50 area.
Nasdaq is equally quiet, although strength in stocks other than
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PowerRating) have given the market a firmer tone today. Session highs for the Nasdaq are at 1492, and currently trading at 1486. Globex high for the overnight session was 1502. Let’s see where the Fed action takes us next.