Dow, S&P 500, Nasdaq rise as Fed boosts rally

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• Thursday, September 19, 2024 at 10:47 AM EST

  Stocks near session highs as tech boosts rally after rate cut

  Stocks rose Thursday morning, with the technology-heavy Nasdaq Composite Index (^IXIC) leading the market's gains after the Federal Reserve announced an interest rate cut in the previous session.

  The Nasdaq rose about 2.7% as technology stocks, which typically benefit from a low-interest-rate environment, gained.

  The Dow Jones (^DJI) rose more than 1% to hit an all-time daily high while the S&P 500 (^GSPC) also touched a record high in early trading.

  

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  Thursday, September 19, 2024 at 10:00 AM EST

  Existing Home Sales Fall in August Amid Lower Mortgage Rates

  Existing home sales fell in August as home seekers remained on the sidelines even as mortgage rates hit their lowest level in more than a year.

  Existing home sales fell 2.5% from July to a seasonally adjusted annual rate of 3.86 million, National Association of Realtors U.S. existing home sales fell to their lowest level since October, the Commerce Department said Thursday. Economists polled by Bloomberg had forecast existing home sales would come in at a rate of 3.9 million units in August.

  On a year-over-year basis, sales of previously owned homes fell 4.2% in August. The median home price rose 3.1% from August to $416,700, marking the 14th straight month of annual price increases.

  The combination of scarce inventory, rising prices and high mortgage rates continues to weigh on sales activity — for now.

  “Home sales disappointed again in August, but the recent development of lower mortgage rates coupled with increased inventory is a powerful combination that should provide the environment for sales to move higher in the coming months,” said Lawrence Yun, chief economist at the National Association of Realtors, in a press release.

  However, economists in Fannie Mae We do not expect sales activity to improve this year despite lower mortgage rates.

  “We expect existing home sales in 2024 to decline to the slowest annual pace since 1995,” they said.

• 

  Thursday, September 19, 2024 at 9:54 AM EST

  Campbell's, a growth-seeking company, is preparing for a battle against private labels and big-name rivals.

  Brooke De Palma of Yahoo Finance says in her report:

  With products ranging from stuffed potato chips to chicken noodle soup and chili, companies are stepping up the competition on grocery aisles.

  While retailers like Walmart (WMT) and Target (TGT) are moving forward with private labels, Campbell's (CPB) is doubling down on innovation, marketing and increasing distribution to sell its popular brands like Goldfish.

  “It all comes down to…creating the right value, which [is] At Campbell’s investor day last week, CEO Mark Close told Yahoo Finance: “It’s not just about price, it’s about how we add value in more differentiated and sustainable ways.”

  Read more here.

• 

  Thursday, September 19, 2024 at 9:31 AM EST

  The Dow and S&P 500 jumped to record highs during the day as stocks rose after a major interest rate cut.

  The Dow Jones (^DJI) and S&P 500 (^GSPC) hit record highs on Thursday as investors digested the Federal Reserve's announcement during the previous session – a 50 basis point interest rate cut.

  The S&P 500 rose about 1.7%, while the Dow Jones rose more than 1%, both hitting record highs. The Nasdaq Composite led the gains, rising more than 2.3%.

  The major averages saw volatility during the previous session following the Federal Reserve's decision to cut interest rates.

  Gold (CG=F) rose to near all-time highs, and the precious metal and other commodities gained as the dollar fell.