The S&P 500 Index ($SPX) (SPY) Wednesday closed down -2.95%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -2.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -3.60%. Dec E-mini S&P futures (ESZ24) are down -3.14%, and Dec E-mini Nasdaq futures (NQZ24) are down -3.97%.
Stock indexes on Wednesday sold off sharply, with the S&P 500 posting a 4-week low, the Dow Jones Industrials falling to a 6-week low, and the Nasdaq 100 posting a 2-week low. Stocks were hammered Wednesday afternoon, and bond yields soared even after the FOMC cut the fed funds target range by an expected -25 bp but signaled only 50 bp of rate cuts next year, fewer than 100 bp of rate cuts projected in September. The FOMC also raised its US GDP and inflation estimates for this year and next, suggesting a more restrictive monetary policy. Stock prices sank to their lows Wednesday afternoon when Fed Chair Powell said the FOMC will be more cautious as it considers further adjustments to policy, suggesting the Fed may keep policy tighter for longer.
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