NEW YORK — U.S. stocks edged back from their record highs. The S&P 500 slipped 0.2% Thursday. The Dow Jones Industrial Average fell 0.1% after likewise setting an all-time high the day before, and the Nasdaq composite fell 0.1%. Delta Air Lines fell after reporting weaker results for the summer than expected.
Lower interest rates ease the brakes off the economy and juice prices for investments, but the pace of further cuts will depend on if inflation continues to head down toward the Fed’s 2% target as it expects. In the bond market, Treasury yields rose immediately after the release of the economic data, only to then swing up and down as traders tried to handicap what they would mean for the Fed.
“Unless the jobs report that comes out on November 1st shows a dramatic drop in employment,” a traditional-sized cut of a quarter of a percentage point “might even come across as a little aggressive,” said Brian Jacobsen, chief economist at Annex Wealth Management.
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