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The S&P 500 hit a new intraday high yesterday at 6,6355 before retreating and closing around 6,610. while the Dow fell 125.55 points (0.27%) to 45,757.90. The Nasdaq 100 also jumped to a new record high of 24,389 before closing down at 24,280. Dow Jones failed to extend to new highs and dropped 0.16% yesterday to close at 45,784.
Treasury Secretary Scott Bessent said Tuesday a trade deal with China is near. Talks have seen multiple shifts since Trump announced liberation day tariffs in April.
U.S. futures were flat ahead of the Fed’s anticipated first rate cut since December. It’s expected that the dot plot will provide crucial insights into future rate projections. Investors will monitor potential policy dissents following July’s disagreements. Markets have priced in a 96% probability of a 25-basis-point cut versus just 4% odds for a half-point reduction, based on CME Group futures trading.
U.K. inflation held steady at 3.8% in August, in line with economists’ expectations. Core inflation fell to 3.6% from July’s 3.8%. This follows July’s higher-than-expected 3.8%. The Bank of England forecasts inflation could peak at 4% in September on this year before declining in early 2026. The central bank reduced rates from 4.25% to 4% in August, balancing inflation concerns with growth needs. No rate change is expected at Thursday’s meeting this week.
Asian markets were mixed Wednesday as investors awaited the U.S. Federal Reserve’s expected interest rate cut. Japan’s Nikkei 225 was flat while Topix fell 0.4%. Japan’s exports dropped 0.1% year-on-year in August, better than the expected 1.9% decline and improving from July’s 2.6% drop. Japan’s exports have turned negative amid U.S. tariffs and a slowdown following early-year front-loading.
Australia’s ASX/S&P 200 fell 0.6%, while South Korea’s Kospi lost 0.7% and Kosdaq dropped 0.4%. Hong Kong’s Hang Seng rose 1.35%
Gold broke above the crucial $3,700 level in yesterday’s trading in expectations of rate cut today. Silver reached a high of $42.97 as it neared the high of August 2011.
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