Wall Street steps back as it digests Fed week
All three major U.S. stock indexes modestly red
Utilities lead S&P sector gainers; Energy weakest group
Euro STOXX 600 index down ~1.3%
Dollar, gold gain; bitcoin reverses, now lower; crude dips
U.S. 10-Year Treasury yield edges up to ~3.75%
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WALL ST TAKES A BREATHER AS IT DIGESTS FED WEEK
Wall Street sauntered toward the weekend with scant macro or company news to sway its sentiment one way or the other, as the Fed decision heard 'round the world continued to reverberate.
All three major U.S. stock indexes are showing modest losses directly after the opening bell, with the S&P 500 .SPX and the Dow .DJI backing away from Thursday's all-time closing highs.
Still, all three have set a course to log weekly gains, capping a week dominated by the Federal Reserve's first reduction of its policy rate since the onset of the COVID crisis.
Murmurs that Powell & Co's jumbo rate cut and Thursday's jumbo stock rally might have been over-reactions have analysts re-callibrating their year-end targets.
And they are not all in agreement.
Yesterday, the market commentary team from Stifel put out a note saying it expects "S&P 500 correction to the very low 5,000s by 4Q24," while BMO went the other direction, upping its year-end S&P 500 forecast to 6,100 from 5,600.
On the sector level, utilities .SPLRCU are the clear outperformer early Friday, and indeed the defensive sector is among the best performers year-to-date, up well over 24%.
Transports .DJT, housing .HGX and chips .SOX are among laggards in the early going.
While there's nothing in the way of economic indicators on Friday, next week brings flash PMI, housing prices, consumer confidence, new home sales, durable goods, a final stab at GDP, and wrapping everything up on Friday is the Commerce Department's broad-ranging Personal Consumption Expenditures report.
Here's where things stood at 09:57 EDT:
(Stephen Culp)
*****
FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
KBW SAYS WELLS FARGO'S LATEST REGULATORY WOES RAISE UNCERTAINTY AROUND ASSET CAP LIFT - CLICK HERE
S&P 500 INDEX: NEW HIGHS, BUT ORBS OF INFLUENCE ARE OUT THERE - CLICK HERE
TIME TO FIGHT THE FED? - CLICK HERE
BOE AND FED TO KEEP GOING THEIR SEPARATE WAYS - CLICK HERE
HIT THE SHOPS! SELL THE SHARES - CLICK HERE
CHINA WORRIES HIT EUROPE, AGAIN - CLICK HERE
SET FOR LOWER OPEN, BUT ALL GOOD REALLY - CLICK HERE
MORNING BID - BOJ BRINGS YEN INTO SHARPER FOCUS - CLICK HERE
Opening snapshot https://reut.rs/3XRjlb0
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