Major indices fall over 1% today
The major indices are ending lower on the day (and over 1% in each index), but it could have been worse. At the session lows, the major indices showed the following declines:
- Nasdaq, -163.59 points
- S&P, -55.1 points
- Dow, -478.42 points
Each of the indices are still closing down, but they are also off the lows as the market reacted to the Chair Powell's "mid-market cycle" comment in his press conference (that was walked back a bit later when admitted there may be other cuts).
Below are the final numbers for the major indices.
- The Nasdaq -98.196 points or -1.19% at 8175.41. The high reached 8299.82. The low extended to 8110.02
- The S&P fell -32.87 points or -1.09% at 2980.32. The high reached 3017.40. The low reached 2958.08
- The Dow fell -333.48 points or -1.23% at 26864.23. The high reached 27281.65. The low reached 26718.60
The below chart shows the %high, %low and %change for the major indices in Europe and North America.
The cut by the Fed, certainly did not help the yield curve. In fact, the yield curve flattened (the market wants more cuts). The 2 year moved up 2.2 bps and the 10 year fell -4.7 bps.
