With Wall Street buying the rumor of rate cuts to push two of the major indexes to record highs, we could be set up for a “sell the news” situation on Wednesday.
The S&P 500 was up 0.4% after setting an intraday record. The Nasdaq Composite, which also set a fresh intraday high, was up 0.8%. Both were on track for record closes. The Dow continued to bounce in and out of positive territory, though it’s not far off its Sept. 11 closing high.
Stock market breadth was negative: Large megacap tech stocks including Tesla, Meta Platforms, Alphabet, Amazon.com, Microsoft, and Apple were doing a lot of the heavy lifting.