The Dow Jones Industrial Average (DJIA) snapped a ten-day losing streak, gaining a mere 0.04% on Thursday. JPMorgan and Goldman Sachs, two of the DJIA's financial institutions, helped propel the index upward, despite overall market uncertainty stemming from the Federal Reserve's revised outlook on interest rate cuts.
The Dow Jones index rose by a hair to end ten straight sessions of losses. JPMorgan and Goldman Sachs both ended higher, helping the index hold onto gains. The Fed 's reduced outlook for next year's schedule of interest rate cuts has forced a major sell-off in stocks. Higher inflation expectations under Trump are reducing the attractiveness of stocks writ large.
Two of the Dow Jones Industrial Average’s (DJIA) financial institutions, Goldman Sachs (GS) and JPMorgan (JPM), led the traditional index out of its worst performance in decades by a thread. After closing lower for ten straight sessions, the DJIA’s worst streak since 1978, the index gained 0.04% on Thursday. JPMorgan stock closed up 1.12%, and Goldman Sachs shares gained 0.68% despite trading ahead by 2% earlier in the session. Both the S&P 500 and the NASDAQ lost ground in the session. JPMorgan, Goldman Sachs news Both banking stocks lost severe ground on Wednesday after the Federal Reserve’s (Fed) dot plot showed Fed governors predicting fewer interest rate cuts in 2025. Whereas as recently as September the consensus was a full percentage-point cut next year, the dot plot shows just two 25 bps cuts in 2025, half the prior level. Though higher interest rates are normally better for banks, the fact that the second Trump presidency is expected to push inflation higher is starting to affect the entire equity market. Stocks have been trending upward all year with the view that lower interest rates would make bonds less attractive and stock would fill their place. The much slower pace of interest rate cuts threatens to upend that relationship, so market bulls have to wonder if the entire 2024 rally and post-election Trump bump were errors. JPMorgan stock surged 11.5% on November 6, the day after Trump won. The thinking was that Trump would make it easier for firms to merge, the bank’s bread and butte
DOW JONES STOCK MARKET INTEREST RATES FED INFLATION
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