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U.S. stocks were indicating a lower Wall Street open on Thursday, the morning after the Federal Reserve cut interest rates for the second time this year.
Dow Industrial futures are lower by 0.3 percent, S&P 500 futures are off by 0.3 percent and Nasdaq futures are down 0.5 percent.
Stocks initially declined after the central bank announced the widely expected rate cut. Its policy statement failed to indicate whether more rate cuts were likely this year, though the central bank left the door open for additional rate cuts if the economy weakens.
Investors have been expecting the Fed to cut short-term interest rates by another quarter of a percentage point, following a similar cut in late July. The rate, which is now at a range of 1.75 percent to 2 percent, influences many consumer and business loans.
The S&P 500 index inched up less than 0.1 percent, within 0.7 percent of its all-time high set in July.
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COMMENTS VIA TWITTER
@Hikeman5000 All that needs to happen is for there to be high odds of a rate cut, E.G. fed officials release statem… https://t.co/TWuXwMp0hr
"The federal funds futures contract tied to the Fed’s July policy meeting FFN0 reflected a roughly 85% probability… https://t.co/TMUyScMFAM
@cvpayne Down 1800 points in two days or 5-6%. How long until the US Federal Reserve cuts the Fed Funds rate by 50… https://t.co/C1s7sCnIxm
“A rate cut is not a vaccine,” Boockvar said. “It’s not going to address any of the reasons why we’re seeing this v… https://t.co/GpnAxA4j4u
RT @DataTrekMB: After yesterday's selloff, Fed Funds Futures dramatically increased the odds of rate cuts this year. December Futures contr…