Trump Rally Fades As Investors Await Powell’s Remarks, Bitcoin Drops Below $90,000: What’s Driving Markets Thursday?
By Benzinga
Signs of a waning Trump-led rally emerged Thursday as investors assessed the economic outlook and awaited potential signals on the interest-rate path from the upcoming Fed Chair Jerome Powell‘s speech in Dallas at 3 p.m. ET.
Inflation data from the past two days provided mixed signals: consumer prices met expectations, while producer prices slightly exceeded forecasts, with both indicators showing a year-over-year uptick in October.
Despite this inflation data, markets remain confident the Fed will continue easing, pricing in an 80% likelihood of a December rate cut.
Wall Street’s major indices were in the red by midday, with the S&P 500 down 0.3% and small-cap stocks lagging behind large-caps.
The U.S. dollar index ticked up 0.1%, even as Treasury yields declined. Bonds outperformed equities, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) climbing 1.2%.
Gold edged 0.2% lower, while oil rose 0.2%. Meanwhile, Bitcoin (CRYPTO: BTC) saw its rally stall, dropping 1.8%.
Thursday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % (1 day) |
| Dow Jones | 43,884.60 | -0.2% |
| Nasdaq 100 | 20,986.66 | -0.2% |
| S&P 500 | 5,969.78 | -0.3% |
| Russell 2000 | 2,345.60 | -1.0% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.3% to $595.18.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.2% to $438.76.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) slipped 0.4% to $510.28.
- The iShares Russell 2000 ETF (NYSE:IWM) tumbled 1% to $232.71.
- The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, rising 0.2%. The Industrials Select Sector SPDR Fund (NYSE:XLI) lagged, down 1.5%.
Thursday’s Stock Movers
- Walt Disney Co. (NYSE:DIS) rose 7% after reporting better-than-expected quarterly results.
Other stocks reacting to earnings reports included:
- Cisco Systems Inc. (NASDAQ:CSCO), down over 2%,
- Brookfield Corp. (NYSE:BN), up 0.9%,
- Talen Energy Corp. (NASDAQ:TLN), up 0.9%,
- Nu Holdings Ltd. (NYSE:NU), down 7.5%,
- Tetra Tech Inc. (NASDAQ:TTEK), down over 10%,
- StandardAero Inc. (NYSE:SARO), down 5.5%.
Companies slated to report their earnings after Thursday’s close include Applied Materials Inc. (NASDAQ:AMAT), Globant S.A. (NYSE:GLOB), AST SpaceMobile Inc. (NASDAQ:ASTS), Post Holdings Inc. (NYSE:POST).
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