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The S&P 500 Index is up 0.04% today, while the Dow Jones Industrials Index is up 0.48%, and the Nasdaq 100 Index is down 0.12%. This comes as the markets await results from the two-day FOMC meeting concluding today, where a 25 basis point rate cut is anticipated.
Recent economic data revealed U.S. August housing starts fell 8.5% month-over-month to 1.307 million, missing expectations of 1.365 million. Building permits also dropped by 3.7% month-over-month to a 5.25-year low of 1.312 million, below the expected 1.370 million. The markets are currently pricing in a 100% chance of a 25 basis point rate cut and an 86% chance of another cut at the next FOMC meeting on October 28-29.
In stock news, Nvidia shares are down more than 2% after reports that China’s Cyberspace Administration has instructed major companies to terminate orders for its RTX Pro 6000D chip. Other chipmakers like Intel and AMD have also seen declines over 1%. Contrarily, Roivant Sciences has gained over 12% following positive trial results for a treatment for dermatomyositis.
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