Stock market today: Wall Street wavered near its records after Fed delivers a big cut to rates

NEW YORK — Wall Street wavered near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 slipped 0.3% Wednesday after a day of bobbing higher and lower. The Dow Jones Industrial Average fell 0.2%, and the Nasdaq composite gave back 0.3%.

The Fed released forecasts Wednesday that said its median official expects to cut the federal funds rate by another half of a percentage point through the end of the year. That could mean a traditional-sized cut of a quarter of a percentage point at each of its two remaining meetings scheduled for 2024.Some critics say the Federal Reserve may be moving too late to protect the economy after having kept rates too high for too long.

Powell repeated several times that the Fed does not feel “a rush to get this done” and will make its decisions on interest rates at each successive meeting, depending on what incoming data say. On Wall Street, stocks of oil-and-gas producers and other companies whose profits are most closely tied to the strength of the economy helped lead the way. Utilities and other dividend-paying stocks that tend to hold up better during economic downturns, meanwhile, lagged behind the market.

Yale Child Study Center at the Yale School of Medicine in the USA, Hannover Medical School in Germany and Tel Aviv Sourasky Medical Center in Israel will take part in the trial TEL AVIV, Israel, Sept. 18, 2024 -- SciSparc Ltd.

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