Powell acknowledged that high rates will cause economic pain for millions of Americans, with the potential to weaken the labor market and raise borrowing costs for consumers. However, what did seem to surprise investors was the resolve with which Fed chair Jerome Powell remained committed to fighting inflation even at the cost of economic growth and a possible recession. In doing so, it chose not to make the more aggressive full-point move that some economists had started to see as a distinct possibility. Index extends lower again wave C towards 28635 which completed wave (W). Down from high, wave A ended at 30975 and rally in wave B ended at 32789. The decline from high is in progress as a double three Elliott Wave structure.
The central bank boosted its Federal Funds rate by three-quarters of a percentage point, setting a new range of 3% to 3.25%. Dow Futures (YM) shows incomplete bearish sequence from high favoring further downside.
The E-mini, or mini-Dow, contract, as noted. Much of what the Federal Reserve chose to do on Wednesday was fully expected. stock futures edged up to start the week after the S&P 500 hit another record close and notched its third consecutive week of gains. There are now two Dow futures contract sizes available, both of which trade on the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME). Read on for a more complete explanation of what the Fed did and how Walmart's gain could be the economy's pain. Perhaps the biggest indication that the stock market now fully expects a recession is the fact that the single stock among the Dow Jones Industrials that posted a rise in stock price today was retail giant Walmart ( WMT 1.26%). All Rights Reserved.The Fed's decision indicated its resolve to put fighting inflation ahead of protecting economic growth, calling the bluff of Wall Street bulls who had hoped that the central bank would turn more dovish as gasoline prices peaked. Get Dow futures today, stocks to watch, the biggest stock market news, and todays best profit plays. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates.
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Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The Dow 30 is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the NASDAQ.
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