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U.S. Stocks Fall Amid Election and Interest Rate Uncertainty

UM Editor

October 23, 2024 at 12:00 pm

On Tuesday, the Dow Jones Industrial Average (DJI) slipped 0.02% to 42,924.89, the S&P 500 edged down 0.05% to 5,851.19, while the Nasdaq Composite (NDX) rose 0.11% to 20,383.65. The benchmark S&P 500 and the Dow finished lower in volatile trading, pressured by losses in industrials, materials, and utilities stocks. Meanwhile, the Nasdaq closed higher as investors absorbed corporate earnings from companies across various sectors of the U.S. economy.

(S&P 500 Daily Price Chart, Source: Trading View)

(Dow Jones Industrial Average Daily Price Chart, Source: Trading View)

This market movement is primarily driven by uncertainty surrounding the upcoming U.S. election and expectations for interest rate cuts. As Trump’s chances of winning the election have improved, markets are pricing in higher inflation expectations, given that his core policy agenda is more inflationary compared to Harris’ policy framework.

Additionally, according to the CME’s Fed Watch tool, markets are now assigning an 89.6% probability of a 25-basis point rate cut at the Fed’s November meeting, with a 10.4% chance that rates will remain unchanged. A month ago, the market was fully pricing in at least a 25-basis point cut, with a 50.4% probability of a 50-basis point reduction.

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

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