Stock Market Update
31-Jan-24 15:30 ET
Market hits lows after Powell pours cold water on March rate cut
Dow -280.79
at 38186.52,
Nasdaq -300.59
at 15209.31,
S&P -70.19
at 4854.78
[BRIEFING.COM] The market turned lower after Fed Chair Powell poured cold water on the market's notion of a March rate cut.
Mr. Powell said "Based on the meeting today, I would tell you that I don't think it is likely that the Committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that (cut rates), but that is to be seen."
The major indices are trading at session lows now, which has the S&P 500, Nasdaq Composite, and Russell 2000 sporting losses greater than 1.0%.
Elsewhere, the 2-yr note yield fell 13 basis points today to 4.23% and the 10-yr note yield fell nine basis points to 3.97%.
