U.S. stocks log worst day since September as Powell pushes back on March rate cut

[NorthernHawkeye]

U.S. stocks log worst day since September as Powell pushes back on March rate cut

U.S. stocks logged their biggest daily drop of 2024 on Wednesday after Federal Reserve Chairman Jerome Powell pushed back on the likelihood of the central bank starting its rate cuts in March. The S&P 500 fell around 79 points, or 1.6%, to endnear 4,846, according to preliminary closing data from F

www.marketwatch.com

 

[95Hawk]

Wall Street must have digested some bad polling data on Trump.

 

[jawatkins]

Oh no, I’ll have to wipe my tears with all of the money I’ve previously made over the last 12 months

 

[StormHawk42]

And still up 2% for January. I’ll take that each month (unlikely to happen this year).

Northern was very giddy to get this news out there. News flash markets go up markets go down.

 

[DFSNOLE]

And still up 2% for January. I’ll take that each month (unlikely to happen this year).

Northern was very giddy to get this news out there. News flash markets go up markets go down.

I'm sure if you use the search function, you'll find numerous threads started by the OP on the daily record highs we've been experiencing.

 

[dgordo]

Smart move by Powell to wait and lower rates several times over the summer to help Biden.

 

[Torg]

Smart move by Powell to wait and lower rates several times over the summer to help Biden.

Powell is a conservative Republican and will be very slow to do anything that could help Biden.

 

[Viv_Savage]

Oh no, I’ll have to wipe my tears with all of the money I’ve previously made over the last 12 months

Did you sell, bro? We're just getting started.

 

[dgordo]

Powell is a conservative Republican and will be very slow to do anything that could help Biden.

He also hates trump like most of the fed governors

 

[jawatkins]

Did you sell, bro? We're just getting started.

Oh god no. Diamond hands on 401k and most other stuff.

 

[Titus Andronicus]

Smart move by Powell to wait and lower rates several times over the summer to help Biden.

I do not think he had a lot of choice. It is not like he gets to pick a number out of the air.

Real rates are too low at present ... I do not think his statement today was a big surprise.

 

[hawkjt]

I am not surprised. I thought the market was overexuberant on cuts.
The economy is strong, labor market strong...sstrong...growth strong..need to see signs of cooling before fed will back off.

 

[luvmyhawks]

Did you sell, bro? We're just getting started.

One bad day and look who is back. I guess if you keep calling for the crash, some day you may be right.

And anyone that thought rate cuts were coming in march were being way to overly optimistic.

 

[luvmyhawks]

Powell is a conservative Republican and will be very slow to do anything that could help Biden.

Oh ffs.

 

[jawatkins]

when we get a down turn I get more points of an investment on my incoming dollar. My previous dollar is invisible until I need it. I’m 38 though so it’s been pretty simple for the last 17ish years.

 

[NorthernHawkeye]

when we get a down turn I get more points of an investment on my incoming dollar. My previous dollar is invisible until I need it. I’m 38 though so it’s been pretty simple for the last 17ish years.

So this or post 3?

 

[auntie_fah]

Lol @ OHPEE

 

[jawatkins]

So this or post 3?

Both. Hold and buy. Are you not smart?

 

[Viv_Savage]

One bad day and look who is back. I guess if you keep calling for the crash, some day you may be right.

And anyone that thought rate cuts were coming in march were being way to overly optimistic.

Who said there's going to be a crash. All I've been saying is that it is overvalued as hell and people are going to get burned.

I don't understand the "My 401k has made so much money" when it's freaking unrealized gains.

BRB, buying NVDA at 650

 

[95Hawk]

Oh shit. Wall Street gonna have a bad day now.



Or maybe not.

 

[WadeLookingbill]

Just wanted to stop in to see if we'd get an update on US stocks today?

 

[Hawki97]

Just wanted to stop in to see if we'd get an update on US stocks today?

Strong rebound. Sorry OP if I beat you to this. I’m sure you were planning on updating.

 

[Tenacious E]

Now back on pace for a 30% return rather than a meager 20%. Crisis averted!

 

[Funky Bunch]

I don't understand the "My 401k has made so much money" when it's freaking unrealized gains.

LOL! This is the dumbest argument I've ever heard. You will never have realized gains in a 401K. If someone has a million dollars in a 401K, it is worth exactly that at this point in time. I can move mine to a fund that has never lost money anytime I want.

 

[EasyHawk]

Dang I panicked and pulled completely out of the market late yesterday. I can't handle those 1 day bears. I'll jump back in full force tomorrow, kind of a market timing deal.

 

[FlickShagwell]

Dang I panicked and pulled completely out of the market late yesterday. I can't handle those 1 day bears. I'll jump back in full force tomorrow, kind of a market timing deal.

It’s not timing the market, but time in the market. That’s what I’ve been told.


Now @NorthernHawkeye - were you going to start a thread about the rebound today? I made some money today!

 

[lucas80]

U.S. stocks log worst day since September as Powell pushes back on March rate cut

U.S. stocks logged their biggest daily drop of 2024 on Wednesday after Federal Reserve Chairman Jerome Powell pushed back on the likelihood of the central bank starting its rate cuts in March. The S&P 500 fell around 79 points, or 1.6%, to endnear 4,846, according to preliminary closing data from F

www.marketwatch.com

Did your extensive portfolio rebound?

 

[Tenacious E]

Another brutal day in the markets. S&P is up 5% in a month.

 

[globalhawk]

NoWho said there's going to be a crash. All I've been saying is that it is overvalued as hell and people are going to get burned.

I don't understand the "My 401k has made so much money" when it's freaking unrealized gains.

BRB, buying NVDA at 650

No need to hate. It's easy money right now.

 

[FlickShagwell]

Hey @NorthernHawkeye - I’m up on the week.

Sorry.

 

[NorthernHawkeye]

Hey @NorthernHawkeye - I’m up on the week.

Sorry.

Same here.

What you could you possibly be sorry about?

 

[FlickShagwell]

Same here.

What you could you possibly be sorry about?

About how positively sheepish you have to feel after spiking the ball on Biden‘s economy after one mid-week hiccup. Don’t act like it’s not bittersweet for you.

 

[NorthernHawkeye]

About how positively sheepish you have to feel after spiking the ball on Biden‘s economy after one mid-week hiccup. Don’t act like it’s not bittersweet for you.

You're awfully sensitive over a simple market watch article.

 

[biggreydogs]

 

[FlickShagwell]

You're awfully sensitive over a simple market watch article.

Ladies and gentlemen- the guy who started a thread over a simple market watch article…

 

[mthawkeyes]

If Biden were a real alpha, he would have been rage-tweeting yesterday, and then taking credit for how effective his rage-tweeting was at boosting the market today.

 

[NorthernHawkeye]

Ladies and gentlemen- the guy who started a thread over a simple market watch article…

Do you not like news?

 

[markfromj]

You will never have realized gains in a 401K.

Huh? Of course you do.

Now, you are correct that your basis is zero. But if you contributed $100k, it grew to $200k, and you sold and went all cash, you still have realized gains of $100k.

 

[Funky Bunch]

Huh? Of course you do.

Now, you are correct that your basis is zero. But if you contributed $100k, it grew to $200k, and you sold and went all cash, you still have realized gains of $100k.

not for tax purposes

 

[RileyHawk]

Huh? Of course you do.

Now, you are correct that your basis is zero. But if you contributed $100k, it grew to $200k, and you sold and went all cash, you still have realized gains of $100k.

No. If it's a regular 401K you don't pay taxes on the contributions so principal and interest are taxed at withdrawal. If it's a Roth then the contributions are taxed and then all withdrawals are untaxed if done under the guidelines.