The New York Stock Exchange traded this morning (June 11), local time, with the Dow Jones Index falling 242.65 points as investors sold to reduce risks. Before knowing the results of the US Federal Reserve’s monetary policy meeting this week.
The Dow Jones Industrial Average recently reached 38,625.39 points, down 242.65 points, or 0.62%. The Standard & Poor's 500 index fell to 5,346.04 points, down 14.75 points, or 0.28%, and the Nasdaq index rose to 17,199.48 points, or 6.95 points, or 0.04%.
Investors will be watching the Fed's June 11-12 meeting, including Fed Chairman Jerome Powell's statement after the meeting. To find signs indicating the direction of US interest rates after the European Central Bank (ECB) decided to cut interest rates by 0.25% at last week's meeting. This is the first interest rate cut in nearly 5 years or since September 2019.
In addition, the market is watching the official interest rate forecasts (Dot Plot) of Federal Reserve officials. To find signs indicating the first interest rate cut by the Federal Reserve this year.
To unveil the Dot Plot at the March conference, Fed officials signaled three rate cuts in 2024, each by 0.25% for a total of 0.75%, unchanged from the previous signal of three rate cuts at the December 2023 meeting.
CME Group's FedWatch tool indicates investor expectations and the Fed will keep interest rates steady at this meeting. It will cut rates for the first and only time the Fed will cut rates this year at its November meeting. It was originally expected in September after the US revealed strong employment numbers
In addition, the market is watching the release of the Consumer Price Index (CPI), which measures inflation resulting from consumer spending. For May on Wednesday (June 12), analysts expect the Headline CPI to include the food and energy categories. The Core CPI, excluding food and energy categories, is expected to rise 3.5% year over year and increase 0.3% monthly.
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