Stocks End Mostly Down After Fed Projections

A television station on the floor of the New York Stock Exchange broadcasts Jerome Powell, chairman of the U.S. Federal Reserve, speaking after a Federal Open Market Committee meeting on Dec. 18, 2024.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe.

The Federal Reserve's new economic projections, which were more pessimistic than previously projected threw markets into turmoil and boosted the strength of the dollar. Global central banks insist their monetary policy is independent of the Fed, but such currency moves could have ripple effects. Asian markets declined on Thursday following a chaotic day of trading. The Nikkei 225 declined 1.24% to a three-month intraday low before recovering some losses. Chinese and Japanese markets fell on the release of separate economic data from both countries' agencies, respectively. Meanwhile, Japan's 'core-core' inflation rate, which excludes fresh food and energy — and is tracked by the Bank of Japan —, rose to 1.7% in November, a new high for the country. The U.S. government faces a looming partial shutdown as funding for federal agencies expired at midnight on Friday, barring a last-minute deal. The S&P 500 tanked on Wednesday and continued to fall slightly on Thursday. But this is a 'back up the truck' moment, said Tom Lee, Fundstrat Global Advisors' head of research. This suggests that now is, contrarily, a good time to buy stocks. These are the trends Lee's looking at that indicate a potential market bottom. If we adopt an objective eye, the major U.S. benchmarks didn't change much during Thursday's trading session. The S&P 500 slipped 0.09% and the Nasdaq Composite declined 0.10%, but the Dow Jones Industrial Average ticked up 0.04%. But when seen against the context of Wednesday's market rout, the direction of those shifts also gives an indication, however faint, of the narrative animating the markets. To rephrase the stock market on Thursday in such terms: Stocks mostly continued sliding after the Fed unleashed its projections, but the Dow finally broke its 10-day losing streak

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