Stock Market Today: Dow Ticks Higher; Nvidia; Zscaler, CrowdStrike, PDD, and More Movers; U.S. Recession Fears ... - Barron's

The latest comments from Federal Reserve Governor Christopher Waller sent stocks higher on Tuesday.

The Dow Jones Industrial Average was up 66 points, or 0.2%, in Tuesday afternoon trading. The S&P 500 and Nasdaq Composite were flat.

Waller wasn’t the only Fed official set to speak on Tuesday, but markets paid close attention to his comments about recent data showing the pace of the economy is slowing.

“As the leading (both in prominence and as a key signal of future developments) moderate hawk on the FOMC currently we take his view that ‘I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent’ very seriously,” writes Peter Williams, global macro strategist and economist at 22V Research.

Fed-fund futures reacted to William’s speech, assigning a higher probability the Federal Reserve is done raising interest rates. The CME FedWatch Tool puts 96.1% odds the Federal Open Market Committee holds interest rates steady through the January meeting, up from 89.4% on Monday.

“Perhaps the key takeaway from the broader Fed speak, this speech, and the recent data flow is that regardless of your views on the data outlook, the forward-looking odds of a Fed-induced recession occurring are declining,” Williams writes.

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