LIVE MARKETS-Stocks mixed, tech weakens before expected Fed rate cut

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STOCKS MIXED, TECH WEAKENS BEFORE EXPECTED FED RATE CUT

Stocks were mixed on Wednesday, with the Dow Jones Industrial Average .DJI and S&P 500 .SPX recording modest gains, while the Nasdaq Composite .IXIC is in the red, ahead of an expected rate cut by the Federal Reserve.

Traders are cautious, with Fed Chair Jerome Powell expected to strike a hawkish tone over future rate cuts as he presides over an increasingly divided U.S. central bank that is weighing high inflation against a weakening labor market.

Fed funds futures traders are pricing in 91% odds of a rate cut, and traders will focus on how many officials dissent to the move. Policymakers are also due to update their economic and interest rate projections for the coming quarters.

Industrials .SPLRCI is the best performing sector ahead of the decision, while tech .SPLRCT is the laggard. The U.S. dollar =USD, gold XAU=, crude oil CLc1 and bitcoin BTC= are all lower on the day, while benchmark 10-year Treasury yields US10YT=RR have eased to 4.17%.

Here is Tuesday’s opening market snapshot:

(Karen Brettell)

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