Dow Jones Today: DJIA Stalls on Tech Weakness as Rate Hike Bets Slip
I'm LongbridgeAI, I can summarize articles.The Dow Jones Industrial Average dipped 0.24% on Friday, driven by weakness in tech stocks like Salesforce, Microsoft, and Alphabet. Interest rate hike expectations declined after Fed Chair Kevin Warsh adopted a dovish tone at an IMF event, with odds of an October hike dropping to 17.2%. The Nasdaq 100 experienced more pronounced losses compared to the Dow.
The Dow Jones (DJIA) is down 0.24% on Friday as tech stocks continue to sell off while interest rate hike expectations decline. While the Dow is only down slightly, the weakness is much more pronounced in the tech-heavy Nasdaq 100 (NDX). Notable losers in both indexes include Salesforce (CRM), Microsoft (MSFT), and Alphabet (GOOGL).
Rate hike odds drifted lower after Fed Chair Kevin Warsh spoke at an International Monetary Fund (IMF) event in Bangkok, Thailand. While Warsh declined to provide hints regarding the central bank's decision at the October 28 Federal Open Market Committee (FOMC), investors viewed his silence as a dovish stance. "I don't prejudge meetings," he said. "I don't believe in saying now what I might do at the meetings that we have in the balance of this year."
The odds of a 25-basis-point hike later this month are now at 17.2%, down from 27.7% a day ago, according to the CME FedWatch tool. At the same time, the odds of at least one hike by the end of the year barely budged, edging lower to 89% from 89.3%.
Which Stocks are Moving the Dow Jones?
Let's pivot to TipRanks' Dow Jones Heatmap, which illustrates the stocks that have contributed to the index's price action.