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- US stocks inched higher following Wednesday’s sell-off spurred by the Fed’s caution on rate cuts.
- The Fed left rates unchanged, but Powell’s press conference pushed back on a March cut.
US stocks traded mixed on Thursday following Wednesday’s sell-off on the back of the Federal Reserve’s latest policy meeting.
On Wednesday, the S&P 500 declined 1.6%, marking its worst trading day since September.
Fed Chair Jerome Powell tempered investors’ hopes for an imminent rate cut and reiterated that policymakers anticipate easing rates three times in 2024. Market forecasters have largely pushed back their expectations for the date of the first rate cut, with March looking a lot less likely. Bank of America said after Powell’s remarks that it predicts the June FOMC meeting will mark the Fed’s first move to ease monetary policy.
While consumer prices have cooled over the last year, they remain above the central bank’s target of 2%, and no decisions have been cemented for the months ahead, Powell said.
“Fed Funds Futures responded by upping the number of cuts they see over the rest of the year, and stocks sold off in dramatic fashion,” DataTrek Research cofounders Nicholas Colas and Jessica Rabe wrote in a note. “Markets are starting to discount a Fed policy mistake. This would not be the first time Powell misjudged the neutral rate of interest, but we are not convinced a recession is just around the corner.”
Markets will be tuned into the nonfarm payroll report on Friday as the next data point to give a window into the path of Fed policy. Estimates are for US employers to have added 185,000 jobs in January.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 4,868.64, up 0.47%
- Dow Jones Industrial Average: 38,233.53, up 0.22% (+82.27 points)
- Nasdaq Composite: 15,285.90, up 0.81%
Here’s what else is going on:
- Jeffrey Gundlach said investors are moving into “junkier things.”
- Fundstrat’s Tom Lee said the year ahead could be great for stocks.
- A new ETF will allow investors to track the Magnificent 7 stocks.
- The Chinese are piling into gold as stocks falter and the property market weakens.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 1.16% to $76.73 a barrel. Brent crude, the international benchmark, moved up 0.97% to $81.30 a barrel.
- Gold edged lower 0.40% to $2,059.10 per ounce.
- The 10-year yield moved lower seven basis points to 3.89%.
- Bitcoin dropped 0.92% to $42,380.
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