US stocks slipped on Wednesday as traders mulled the risk of recession in 2024.
Those fears have cooled extreme bullishness among investors.
The Dow retreated from record highs after nine straight gains.
US stocks slipped Wednesday as traders mulled Fed rate cut risks into next year and the outlook for a US recession.
The Dow Jones Industrial Average retreated from record highs after nine straight gains. The S&P 500 also pulled back after nearing its all-time high.
Markets have grown concerned about implications of the Fed’s expected rate cuts next year. Lower rates could indicate a slowing economy, or one that may be already on the path to recession.
The New York Fed is pricing in a 51% chance a recession will arrive by November 2024. Meanwhile, markets are pricing in a 71% chance the Fed could slash interest rates 150 basis points or more by the end of next year.
Here’s where US indexes stood as the market opened at 9:30 a.m. on Wednesday:
Here’s what else is going on:
In commodities, bonds, and crypto:
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