It looks like the Federal Reserve will slash interest rates in September
The Fed's meeting minutes are in, and the results helped Wall Street maintain today's gains. As many hoped, the central bank pointed towards September as the month for a highly-anticipated interest rate cut. However, investors are still waiting on Fed Chair Jerome Powell's commentary at the Jackson Hole Economic Symposium on Friday, where further insight into the central bank's plans. The Nasdaq finished the day up triple digits, while the Dow and S&P 500 finished modestly higher as well.
Continue reading for more on today's market, including:
- A look at what this stock split signal says.
- Retail stock hits record high on hiked forecast.
- Plus, Target stock's pop; bad news for JD.com; and Macy's mixed quarter.
5 Things to Know Today
- The Labor Department made its biggest revision to nonfarm payrolls since 2009. (CNBC)
- Experts anticipate Kamala Harris's tax stances to closely resemble President Joe Biden's. (MarketWatch)
- Target stock scores big bounce after earnings.
- Walmart confirms sale of stake in JD.com.
- Macy's records a mixed quarterly report.
Gold Prices Turn in Modest Loss
Oil prices moved lower alongside a weekly decline in U.S. crude and product inventories. For the session, October-dated West Texas Intermediate (WTI) crude lost 90 cents, or 1.2%, to close at $72.27.
After 30 record-high closes in 2024, the rally in gold prices looks to be slowing down. The precious metal turned in a minimal loss today, with gold for December delivery last seen 0.1% lower at at $2,547.50.