The S&P 500 and Nasdaq Composite retreated from record highs as investors pivoted away from Big Tech, like Nvidia and Meta Platforms.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeJune inflation fell for the first time in over four years
, providing more support for an interest rate cut. The consumer price index, a broad measure of costs, dipped 0.1% from May, putting the 12-month rate at 3%, the lowest in more than three years.is"one step closer to a September rate cut," said Chris Larkin, managing director of trading and investing at E-Trade.
"The bigger call is do they cut it at each meeting until year end? And I think they do. The market is saying 60 basis points of rate cuts by year-end, I think we get 75." "If I'm right that this is because of disinflation and a softening of strong growth, and not weak growth, then the case may be that the Fed would cut rates to 3.5%-4% over the easing cycle. But that's it. I don't think people in the market should be pinning their hats on a 2.5% Fed funds rate. If I'm right, the 10-year Treasury yield should not go down from here; in fact, it should be a bit higher.
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