Markets Retreat on Fed's Cautious Stance; Disney Shines

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Market Summary 

U.S. markets pulled back Thursday as Federal Reserve Chair Jerome Powell dampened hopes for immediate rate cuts, emphasizing a measured approach to monetary policy. The major indices each fell about 0.6%, with the S&P 500 closing at 5,949.2, while Powell's comments dramatically reduced expectations for a December rate cut from 83% to 59%. Despite the broader market decline, Disney emerged as a standout performer, surging 6.2% after successfully transforming its streaming business from a $4 billion loss to a $321 million profit.

The day's trading reflected the complex balance between strong economic indicators and persistent inflation concerns, with Powell specifically highlighting "stubborn" housing inflation. While energy and tech sectors managed slight gains, industrial stocks led the decline. In the corporate sphere, the contrast was stark: Tapestry soared 13% after terminating its Capri acquisition, while Super Micro Computer tumbled 11.4% on delayed quarterly reports, and Tesla extended its losses with a 5.8% drop amid increasing EV competition.

Market Close

• S&P 500: 5,949.2 (▼ 0.6%)

• Nasdaq: 19,107.7 (▼ 0.6%)

• Dow: 43,750.9 (▼ 0.5%)

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Fed Watch

• December Rate Cut Odds: 59% (▼ from 83%)

• Inflation Status: Nearing 2% target

• Powell's Concern: "Stubborn" housing inflation

Commodities

• WTI Crude: $68.65 (▲ 0.3%)

• Gold: $2,570.60 (▼ 0.6%)

Top Movers

1. Gainers

   • Tapestry (TPR): ▲ 13%

   • Disney (DIS): ▲ 6.2%

2. Decliners

   • Super Micro (SMCI): ▼ 11.4%

   • Tesla (TSLA): ▼ 5.8%

Disney Spotlight

• Streaming Profit: $321M (from $4B loss)

• New Subscribers: +4.4M

• Key Drivers:

  • Ad-supported tier success

  • Password sharing crackdown

  • Content wins ("The Bear," "Shogun")

Market Sentiment "The economy's resilience gives us room to proceed cautiously"

• Jerome Powell, Fed Chair