moved lower on Tuesday as the rotation out of megacap technology stocks continues. The broad market index fell around 0.6%, and the Nasdaq declined even more at 1.2%. On the other hand, thesaw gains, closing the session out 0.3% higher. This comes amid a strong earnings season so far, with around 80% of the 230 S&P 500 companies that have already posted results beating expectations, per FactSet data.
"Opening the door for that rate cut is probably the most appropriate thing for them at this point," said Glenmede's Michael Reynolds. "But the markets are already pretty excited about that, pricing it in with nearly 100% probability. So the Fed doesn't have to do too much to change the narrative on that at all. I think if they just directionally tailor the statement, it'll get the job done," the firm's vice president of investment strategy continued.
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