S&P and Nasdaq close at record levels

The Fed whittled down to 1 cut in 2024 with the latest dot-plot.

The caveat is the Fed members pre-submitted their dot-plot projections and although they had an opportunity to change those projections, many chose to keep them unchanged despite the better-than-expected CPI data today.

So there may be a dovish tilt down the road if the trend continues from Fed officials, but they also have the option to keep the “rates will remain steady for longer” dialogue. .

For now, however, it is one cut in 2024

The stock market – although off highs – is still closing the S&P and the Nasdaq at record levels. The Dow closed lower on the day.

The final numbers are showing:

• Dow Industrial Average average minus 35.23 or -0.09% at 38712.20
• S&P index of 48.71 points or 0.85% at 5421.02
• NASDAQ index rose 264.89 points or 4.53% at 17608.44

The small-cap Russell 2000 closed up 32.75 points or 1.62% at 2057.10.

• Apple continued its run higher with a gain of 2.86%
• Microsoft rose 1.94%
• Nvidia gained 3.55%
• Meta Platforms rose 0.27%
• Amazon-0.18%
• Alphabet rose 0.66%
• Palo Alto Networks rose 2.18%
• Home Depot rose 2.51%
• Tesla rose 3.88%
• CrowdStrike rose 0.71%

This article was written by Greg Michalowski at www.forexlive.com.