- Featured CommentariesMarket Daily UpdatesStock Market Today: September 26,, 2023Mario Ferro | 09/26/2023
Stocks started the week with modest gains, breaking a four-session losing streak. However, this morning’s futures are pointing to negative opens for the major U.S. As it stands, equities remain on track to show a loss in September, in keeping with its historical record of being the worst month of the year for stocks. Moreover, with Washington lawmakers once again heading to a potential government shutdown if a new spending bill isn’t agreed upon, a lack of progress there may further weigh on market sentiment. Last week, the Federal Reserve gave investors some sobering news. Although the central bank paused on raising the fed funds overnight rate, as was widely expected, it did forecast that there would be one more rate hike before the year was over.Market Daily UpdatesStock Market Today: September 25, 2023William G. Ferguson | 09/25/2023
The final trading week of September, a month that has traditionally been a difficult one for equities, will begin with stocks trying to rebound from the losses suffered during last week’s selloff. The primary culprit was commentary from Federal Reserve Chairman Jerome Powell following the conclusion of the latest Federal Open Market Committee (FOMC) meeting.Market Daily UpdatesStock Market Today: September 22, 2023David M. Reimer | 09/22/2023
The futures markets indicate a favorable open to today’s stock trading. Shortly after the ring of the opening bell, investors will get an updated view of trends in the U.S. services and manufacturing sectors, as shown by Standard & Poor’s “flash” Purchasing Managers Indexes.Market Daily UpdatesStock Market Today: September 21, 2023David Reimer | 09/21/2023
Stocks look to trade on the downside at the open of today’s markets. Early this week, stocks, notwithstanding some volatility, essentially traded flat leading up to the conclusion of the Federal Reserve’s September 19-20 meeting. Share prices weakened Wednesday afternoon, however, when Fed Chair Jerome Powell spoke at a press conference. As was widely anticipated on Wall Street, the central bank decided to hold the federal funds rate at 5.25%-5.50%. Mr. Powell noted, however, that gross domestic product growth has been stronger than expected and that the jobs market has proved quite resilient in the face of higher short-term rates. He reiterated the Fed’s ambition to bring the inflation rate closer to its target of 2%. Another hike in the fed funds rate, probably on the order of 25 basis points, before the end of 2023 has not been ruled out. Most visibly, investors focused on the Chair’s guidance that a more-modest total cut in short-term rates, of 50 basis points, instead of one full percentage point, is likely in 2024. As well, he noted that quantitative tightening (i.e., much less than complete replacement of maturing bonds on the Fed’s balance sheet) will continue unabated. Chairman Powell also repeated his prior statement that Fed’s interest rate policy will be guided by incoming economic data.Market Daily UpdatesStock Market Today: September 20, 2023John E. Seibert III | 09/20/2023
The futures markets are well in the green this morning ahead of the Federal Open Market Committee (FOMC) meeting this afternoon. The Fed will release its interest rate decision later today and traders think the lead bank will hold interest rates steady between 5.25% and 5.50%. Still, most traders will be looking to glean any information about future interest rate policy, including the possibility of future rate hikes at the November meeting. This will likely involve looking at the series of projected future interest rates, commonly known as “the dot plot”, which the Fed releases with the decision. Investors will also look to Federal Reserve Chairman Powell's press conference this afternoon. Given that inflationary pressures increased in August and fuel prices continue to be much higher than a year ago, we think most eyes will be on the outlook for future hikes. Overall, we think the release will cause stock-price volatility to pick up compared to the first half of the day.