Chart of the day: Track the S&P 500's past performance when the Fed cuts rates
Stocks may continue to rip higher following Tuesday’s monster rally, triggered by Federal Reserve Chairman Jerome Powell.
Financial markets and investors have been increasingly looking for assurances that the Fed is ready to step in and head off a U.S. recession. Worrying economic data and worsening global trade disputes have led to expectations that the Fed could cut rates up to three times this year. Indeed, the World Bank on Tuesday forecast the slowest global economic growth in three years.
The data shows the index has gained an average 2.8% six months after a Fed cut, but stocks were actually weaker on four occasions. The index gained about 6.7% a year after a rate cut but stocks were lower in three of those rate-cutting years. Still, Barclays analysts said that while complacency may have left the market, that’s no reason to throw caution to the wind.The market Dow DJIA, +2.06% S&P 500 SPX, +2.14% and Nasdaq COMP, +2.
“The main selling pressure appears to have abated, though not to a sufficient extent as yet for prices to recover noticeably or, more important, lastingly,” Eugen Weinberg and the team told clients. The economy Data on tap includes ADP employment, or private-sector payrolls, followed by the Markit services purchasing managers index, and the Institute for Supply Management’s non-manufacturing index. See our data preview here
An activist investor has called for an independent investigation into how much power Facebook FB, +2.04% CEO Mark Zuckerberg has over the social media company.Come for the 30-roll pack of toilet paper, stay for the $400,000 diamond rings—at wholesaler Costco COST, +1.88%
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