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
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.
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.