Stocks Soar as Fed Chair Powell Signals Lower Interest Rates

The S&P 500 Index ($SPX) (SPY) today is up by +1.62%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +1.93%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +1.81%.  September E-mini S&P futures (ESU25) are up +1.58%, and September E-mini Nasdaq futures (NQU25) are up +1.75%. 

Stock indexes are rallying sharply today, with the Dow Jones Industrials posting a new all-time high.  Stock prices jumped and bond yields tumbled after comments from Fed Chair Powell opened the door for a Fed rate cut next month.  Fed Chair Powell said downside risks to employment are rising, and the shifting balance of risks may warrant adjusting monetary policy.  The 10-year T-note yield fell to a 1-week low of 4.25% on the comments, and the chances of a Fed rate cut at the September 29-30 FOMC meeting rose to 90% from 71% before Powell spoke.