Fed’s First Rate Cut Since 2024 Sparks Market Whiplash – Dow Rallies as Tech Stocks Tumble
Wall Street wrapped up September 17 with a split decision. The blue-chip Dow Jones Industrial Average climbed 0.56% to close around 46,013 reuters.com, extending its uptrend thanks in part to strength in financial and industrial stocks. The S&P 500 eased 0.1% to ~6,600 reuters.com, and the tech-heavy Nasdaq Composite fell 0.33% to ~22,261 reuters.com. Earlier in the session, all three indices seesawed between gains and losses as traders reacted in real-time to the Federal Reserve’s latest interest rate decision and Powell’s commentary. Notably, the S&P 500 and Nasdaq had been at record highs just a day or two prior, buoyed by optimism around a potential Fed pivot and booming AI-driven stocks nasdaq.com nasdaq.com. That set the stage for some profit-taking once the news hit.
