How Things Stand in the Market as of Sunday, September 22nd, 2024

Good Morning Traders and Investors!

The Fed’s 50-basis interest rate cut provided a needed catalyst for the market last week. Now the market doesn’t need to be quite as fixated on the latest inflation reports, like the personal income & spending and the PCE prices scheduled for Friday—though they’re still likely to get a lot of attention. That said, the Nasdaq and Russell 2000 still have some catching up to do to Join the Dow and S&P 500 in hitting new highs—to say nothing about the Nasdaq’s need to get above its psychologically significant 18000 level. Also, it’s not unthinkable that the market could see some downside or sideways action given the highs the Dow and S&P 500 have achieved. As for earnings, Micron’s (MU) late Wednesday earnings call should demand close attention for its possible effect on AI, semiconductor and growth stocks in general. Two continuing wild cards are the wars in Ukraine and Gaza.