Stocks Close Mixed Following Fed Remarks Indicating a Pause in Rate Cuts

Market Performance: The S&P 500 closed down slightly by -0.05%, while the Nasdaq 100 saw a minor increase of +0.06%. Concerns over a hawkish Federal Reserve and weak economic data from China contributed to mixed trading results.

Federal Reserve Outlook: The likelihood of a Fed interest rate cut in December has decreased to 43% from 70% due to comments from Fed officials expressing skepticism about further cuts, citing economic resilience and inflation concerns.

Bitcoin and Economic Impact: Bitcoin prices fell over -4% to a 6.25-month low amid a prolonged sell-off, while the Congressional Budget Office projected that the recent government shutdown reduced GDP growth by 1.5 percentage points, with potential recovery expected next year.

Corporate Earnings and Stock Movements: Q3 earnings for S&P 500 companies rose +14.6%, exceeding expectations, while notable stock movements included significant gains for Cidara Therapeutics and DoorDash, contrasted by declines for Stubhub Holdings and Bristol-Myers Squibb.