The major averages are on pace for weekly gains as traders sought to overcome a sluggish September.
Wall Street is now looking ahead toward the Federal Reserve's policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed's target rate is sitting at 5.25% to 5.5%."We're in a period where the Fed is going to begin cutting and we think that this is going to be a period where you want to position for higher volatility," said Jill Carey Hall, head of U.S.
Indeed, rate-sensitive sectors of the market have held up this week, even as investors have bought beat-up shares of tech companies. Real estate is toting a 2.8% week-to-date advance through Thursday's close, while utilities are up roughly 2%. "At the end of the day, the U.S. consumer and the economy continue to do well, profits continue to print above expectations," Dan Greenhaus, Solus Alternative Asset Management chief strategist, said on CNBC's"Closing Bell" on Thursday."And so while we had a meaningful sell-off driven by some of those AI names, for sure, the rebound seems entirely justified, because it doesn't seem like these issues are broadening out," he added.
The three major averages are also on track to post weekly gains, with the S&P 500 up 3.5% and the Nasdaq on track for a 5.3% jump. The Dow is up 1.9% week to date. On the economic front, traders will look toward August's import prices data on Friday morning. Preliminary consumer sentiment figures for September are also scheduled for release.S&P 500 futures slipped less than 0.1%.Explosive trading in Nvidia options could be dictating the whole stock market
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