What’s likely to move the market

Traders work on the floor of the New York Stock Exchange on September 18, 2024 in New York City. 

Stephanie Keith | Getty Images

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Here’s what CNBC TV’s producers were watching as the Federal Reserve slashed rates by a half point on Wednesday and what’s on the radar for the next session.

Existing home sales due Thursday at 10 a.m. ET

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Beazer Homes’ performance in the past month

Morning restaurant reports

  • Cracker Barrel and Darden Restaurants will release earnings before the bell.
  • Cracker Barrel is down more than 3% from three months ago. The stock is up about 6% week to date, but it’s 49% from the late December high.
  • Darden Restaurants is up roughly 5% in the past three months. Darden runs restaurant brands like Olive Garden, Longhorn Steakhouse, Ruth’s Chris and Bahama Breeze. The stock is 9.5% from the March high. 

Afternoon reports

  • FedEx reports after the bell. The stock is up 20% in the past three months. It stands 5% from the July 16 high.
  • Lennar also reports after the bell. The stock is up 26% from three months ago. It hit a new 52-week high Wednesday. It is up more than 5% in a week.
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FedEx shares in the past three months

Rate cuts and banks

  • CNBC TV’s Leslie Picker will report on the banking sector’s reaction to the Federal Reserve’s half-point interest rate cut.
  • All the big banks are down in September: JPMorgan is off by more than 7%. The stock is 7.5% from the August 30 high.
  • Goldman Sachs is down about 5% in September. The stock 6% from the July 31 high.
  • Wells Fargo is down 7% in September. The stock is down 12.6% since mid-May.
  • Citigroup and Morgan Stanley are down about 4% in September. Citigroup is 11% from the July 17 high, and Morgan Stanley is 8.5% from the July 16 high.
  • Bank of America is down 2% in September. The stock is 10% from the July 17 high. 

Rates and the Fed

  • Yields on the 10-year and two-year Treasury notes rose a bit Wednesday after the Fed’s cut.
  • Yields on the one-year, six-month, three-month and one-month Treasury bills all fell.
  • The 10-year is now at 3.7%.
  • The two-year is 3.62%.
  • The one-year is 4.02%.
  • The six-month is 4.58%.
  • The three-month is 4.78%.
  • The one-month is 4.79%. 

Gold

  • On Wednesday, the commodity hit a new high.
  • Jeffrey Gundlach of DoubleLine Capital, who correctly predicted a 50 basis point cut, told CNBC TV’s Scott Wapner on Wednesday that “gold is symptomatic of a market in accumulation mode.”  He also sees political risk and thinks that is likely to help gold keep moving higher.
  • The VanEck Gold Miners ETF (GDX) is up roughly 5% in a week.
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