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Barchart
Rich Asplund

Stocks See Support As Bessent Calls for a Big Rate Cut

Donald Trump Nasdaq SP United States Scott Bessent AMD Hanesbrands

The S&P 500 Index ($SPX) (SPY) on Wednesday rose +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) rose +1.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.04%.  September E-mini S&P futures (ESU25) rose +0.32%, and September E-mini Nasdaq futures (NQU25) fell -0.01%. 

The S&P 500 index and the Nasdaq 100 Index both posted new record highs on Wednesday before falling back.  US stocks saw support from stronger expectations for interest rate cuts through year-end as Treasury Secretary Bessent weighed in with his call for a 150-175 bp rate cut. Stocks also saw support from Wednesday's -5 bp decline in the 10-year T-note yield.

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