The S&P 500 and Dow Jones Industrial Average closed lower on Thursday. Investors waited for key insights on Federal Reserve interest rate decisions and upcoming economic data. Major U.S. indexes showed mixed results at the close.
The US 60/40 portfolio (60% stocks, 40% bonds) is up over 29% since it was declared "dead" last October.
Video: https://t.co/2Temhsdvx0 pic.twitter.com/vUdN8SexMQ
— Charlie Bilello (@charliebilello) September 24, 2024
The Dow fell 0.70%. The S&P 500 edged down 0.19%. The Nasdaq saw a slight increase of 0.04%.
* S&P 500 HITS FRESH INTRADAY RECORD HIGH@reuters $SPX ?? pic.twitter.com/5u3ZvO82V5
— Carl Quintanilla (@carlquintanilla) September 24, 2024
Several factors contributed to the market’s performance.
Markets close mixed amid rate concerns
KB Home’s stock declined following a Q3 profit report that missed analysts’ estimates.
Morning Report: #DowJones falls nearly 300 points to snap four-day win streak; #SP500 retreats from record.https://t.co/29vvuAirGW
— CommSec (@CommSec) September 25, 2024
Apple also saw a slight decrease. Data revealed a drop in sales in China for August. Ford and General Motors shares slipped after Morgan Stanley issued downgrades for the automakers.
Morning Report: #SP500, #DowJones close at new highs as mining stocks rise on China stimulus boost.https://t.co/WobSCFNFwk
— CommSec (@CommSec) September 24, 2024
Traders remained cautious. They awaited further signals from the Federal Reserve regarding potential changes in interest rates. The market’s focus is increasingly turning towards the upcoming economic data releases.
These are expected to provide more clarity on the Fed’s future policy decisions.
