Stock Market Update
17-Dec-24 11:30 ET
Market pricing in pause in January
Dow -261.72
at 43455.76,
Nasdaq -69.93
at 20173.19,
S&P -22.51
at 6051.57
[BRIEFING.COM] Stocks remain under pressure on the first day of the two-day FOMC meeting.
The fed funds futures market is pricing in a 95.2% probability of a 25 basis points rate cut tomorrow, little changed from 98.2% yesterday and up from 88.9% a week ago, according to the CME FedWatch tool. The market believes the Fed will hold steady in January with the likelihood of an additional 25 basis points rate cut sitting at 18.3%.
The 2-yr Treasury note yield, which is most sensitive to changes in the fed funds rate, sits at 4.25% now.
