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Barchart
Rich Asplund

Stocks Little Changed as Fed Rate-Cut Odds Drop after Strong US GDP Report

United States GDP ANd Nasdaq US Federal Reserve

The S&P 500 Index ($SPX) (SPY) today is up +0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.07%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.03%.  March E-mini S&P futures (ESH26) are down up +0.13%, and March E-mini Nasdaq futures (NQH26) are up +0.15%.

Stock indexes are narrowly mixed, pressured by a +3 bp rise in the 10-year T-note yield on today’s strong US Q3 GDP report of +4.3%.  The strong GDP report caused the market to reduce the odds for a -25 bp rate cut at the next FOMC meeting on January 28 to 13% from 20% on Monday.  The Magnificent Seven stocks are trading mostly higher, giving some support to the broad market.

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