Stock Market Update

[BRIEFING.COM] The Nasdaq Composite (flat) briefly dipped below its prior close in recent trading. The major indices have all traded relatively close to their prior closing levels thus far.

The lack of enthusiasm from buyers or sellers stems from hesitancy in front of the FOMC decision at 2:00 ET, accompanied by the updated Summary of Economic Projections (SEP).

Commentary from Fed officials regarding the SEP usually highlights the fact that the summary estimates are not predictions about the future and may change with incoming data. However, projections for the Fed's rate cut path in 2024 as presented in the December 2023 SEP were fairly accurate.