Dow futures remained stable as traders anticipated the Federal Reserve's interest rate decision following a nine-day losing streak for the index, its longest since 1978. With a 95% chance of a quarter-point rate cut, investors are also focused on Fed Chair Jerome Powell's press conference for future guidance. Market performance on Fed days has been notably weaker under Powell compared to previous chairs, with most sectors closing in the red, except for consumer discretionary, which gained 0.28%.
Stock futures dipped slightly on Thursday evening, with the Dow down 20 points and the Nasdaq 100 futures falling 0.3%. Despite this, Wall Street is on track for a positive week, led by a 1.56% gain in the Nasdaq Composite. Notable after-hours movers included Gap, which surged 15% after beating earnings estimates, while Intuit fell over 5% despite a strong quarterly report. Texas Pacific Land is set to join the S&P 500 next week as part of index changes.
U.S. markets experienced declines ahead of the presidential election, with the Dow Jones down 0.61% and the S&P 500 dipping 0.28%. Despite this volatility, historical trends suggest stocks typically rise post-election, although short-term fluctuations may occur. Consumer confidence in equities has reached an all-time high, reflecting optimism amid uncertainty.
As the U.S. presidential election approaches, historical trends suggest a market rally post-election, despite potential short-term volatility. While major Wall Street CEOs express skepticism about further Federal Reserve rate cuts, consumer confidence in equities remains high, indicating optimism amid uncertainty. Stocks have dipped ahead of Election Day, but typically recover within a month following the elections.
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