The Dow Jones Industrial Average remained unchanged following the Fed’s interest rate decision; S&P 500 and Nasdaq Records; DJT, Super Micro, Nvidia, Tesla, More Movers; Treasury yields fell

The S&P 500 was driven higher by a small group of large stocks; The Invesco S&P 500 Equal Weight ETF rose just 0.3%. On the other hand, the Roundhill Magnificent Seven ETF rose 2.4%. The Mag 7 ETF offers exposure to Apple, Amazon.com, Microsoft, Alphabet, Meta Platforms, Tesla and Nvidia.

“The balance of risks gives the Fed ample room to cut the federal funds rate through 2025,” wrote Jamie Cox, managing partner at Harris Financial Group. in general, probably for some time.”

During the conference, Powell behaved quite peacefully. Asked how the central bank would respond to stagflation, he said the goal was to avoid such a situation entirely. He reiterated that although the labor market has cooled, the economy continues to show positive signs.

“This further recalibration of our policy stance will help maintain the strength of the economy and labor market and will continue to drive further progress against inflation as we move toward a more neutral stance over time,” Powell said.