Stock Market Today: Indexes Edge Up To Head Toward The Best Week Of The Year

mfox@businessinsider.com (Matthew Fox), Business Insider
Fri, 11/08/2024 - 7:44am

Lucas Jackson/ReutersUS stocks were slightly higher Friday, adding to records as investors processed the election and the Fed. The Fed cut interest rates by 25 basis points on Thursday and signaled more cuts ahead.Investors will shift their focus to October inflation data next week.US stocks rose on Friday as investors digested the postelection surge in major US indexes.Stocks are headed for the best week of 2024, with the S&P 500 on track for a 4% gain, while the Nasdaq 100 is up more than 5%.In addition to the swift outcome of the Presidential election on Tuesday, with President-elect Trump securing a second term in the White House, investors were met with another interest rate cut from the Federal Reserve.Fed Chairman Jerome Powell slashed the benchmark rate by 25 basis points on Thursday and signaled that there are likely more rate cuts ahead as long as inflation doesn't rebound."The key takeaway is the Fed continues to be dovish and this coupled with the positive seasonality, supports stocks into year-end," Fundstrat's Tom Lee said in a Friday note.According to the CME Fed Watch Tool, investors see a 68% chance of another 25 basis point rate cut at next month's Fed meeting.

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Topics:  lucas jackson/reutersus   fed the fed   nasdaq   presidential   president-elect trump   white house   federal   reserve   fed chairman jerome powell   fundstrat's tom lee   cme fed watch tool   october consumer price index   october producer price index   sherwin-williams   dow jones industrial average   intel   dow   polymarket   west texas intermediate   treasury   150.read   business insider   us   fed   the   october   s&p   trump   fundstrat   jones industrial   average   dow    indexes   head   week   year   stock market   stocks   rate   friday   investors   election   basis   cut   inflation   data   points   companies   beat   results   interest   median   estimates   cuts   set   thursday   signaled   crude   released   earnings   declined   benchmark   
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