Downward trend in the USA after Fed's double rate cut

» Updated: Thu 19 Sept 2024 00:28 CEST

» Published: Wed 18 Sept 2024 22:06 CEST

Downward trend in the USA after Fed's double rate cut
Photo: Yuki Iwamura/AP/TT

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The American central bank, Federal Reserve, decided on a double rate cut on Wednesday.

Trading before the interest rate decision was cautious and the cut did not lead to any violent index movements on the New York Stock Exchange. The leading indexes initially rose after the decision, but later fell back.

Broad S&P 500, Dow Jones industrial index, and tech-heavy Nasdaq all closed 0.3 percent.

Sonde manufacturer Intuitive Machines surged around 38 percent after an agreement with the American space agency that can be worth up to 4.8 billion dollars.

Aircraft manufacturer Boeing, where tens of thousands of employees have been striking for better wages since Friday, said on Wednesday that the company will begin laying off personnel. The stock fell 0.8 percent.

Trading in Tupperware Brands, the American manufacturer of kitchen utensils and various types of containers, was stopped. The company has applied for bankruptcy protection.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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