Stock markets (^DJI, ^IXIC, ^GSPC) are still uncertain about when a Federal Reserve rate cut might materialize in 2024. Savita Subramanian, BofA Securities...
Subramanian says that"the idea that the Fed is going to be cutting demonstrably this year is still up for grabs," noting that more economic data is needed. She predicts a rate cut will come toward year-end. Despite this uncertainty, she states she is not worried about large-cap companies.
So even if you know, rates just kind of creep a little bit lower from here, I think we're in an environment where large caps actually look S and P 500 looks pretty well positioned on top of that.So despite this little mega cap tech hiccup, there are a lot of advantages that tech companies have. Investors are digesting the latest PCE report this morning. The Fed's preferred inflation gauge comes amid a tough week for US Equities , which saw the Nasdaq suffer its worst trading day in two years. Key names are on the move this morning, including many of the Magnificent Seven - Amazon , Apple , Alphabet , Nvidia , Meta , Microsoft , and Tesla . Shares of 3M are surging after the company beat second quarter earnings expectations and raised its full-year outlook.
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