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Dow Jones extends into a second day of recovery after recent backslide. Markets have shrugged off recession fears, back to waiting for Fed cuts. Rate markets pricing in a double cut in September, two more to follow in 2024. The Dow Jones Industrial Average (DJIA) Found further room on the high end early Wednesday as market sentiment recovers its footing and equities begin the slow climb back up after a three-day bearish plunge that kicked off last week. Despite an early bullish tilt, the Dow Jones is struggling to maintain topside momentum, and the equity index lagged into the late side of the US market session. Investors briefly became concerned about the very real chance of a broad recession within the US economy, sparked by a downside tilt to the latest batch of growth and labor figures. With the latest rough patch in the rearview mirror, markets are back to keeping hopes pinned for a September rate cut from the Federal Reserve (Fed). At the current cut, rate traders are pricing in roughly two-to-one odds of a 50-basis-point rate trim from the Fed on September 18, with a further two cuts expected through the rest of 2024. According to the CME’s FedWatch Tool, rate probabilities see an 83% chance of the Fed’s benchmark fed funds rate hitting 425-450 basis points by the end of December. Dow Jones news Despite a late-day pivot back into the low end, most of the Dow Jones’ listed equities are in the green on Wednesday, with most losses concentrated in Amgen Inc. (AMGN). Amgen fell -6.17% to $308.76 per share after reporting a mixed Q2 financial outlook, but investors are hopeful that Amgen’s weight loss drug competitor to other dominant names in the burgeoning field will help bolster the drugmaker in the future. Apple Inc. (AAPL) is…

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Filed under: News - @ August 8, 2024 2:18 am