- Wall Street is optimistic as markets anticipate a 0.25% Fed rate cut, with investors cheered by President Trump’s talk about a deal with China and strong gains in tech stocks. The S&P 500 hit a record high yesterday even though most stocks within it were flat or down, indicating that it won’t take much to move the market if Fed Chair Jerome Powell says something surprising in his remarks today.
Yesterday was the 96th anniversary of Black Monday, the day in 1929 when the Dow Jones index fell 13%. This began a period of chaotic selling that didn’t end until the stock market lost 89% of its value the following year, and the U.S. was plunged deep into the Great Depression.
