The FED's rate cut of 50 basis points was well advertised, hardly a surprise. In the last few days the Dow rose almost 500 points in anticipation of the cut. Today, Dow slipped all of 37 points while NAZ dropped 9, rather quite when compared to recent swings. Now that it's over, back to earnings reports & watching for downgrades.
Amazon (AMZN) reported after the close, beating estimates but pulled back over 2 in after hours trading. There is a gloomy feeling about this year's retail sales which AMZN is caught up in. Of course, a P/E over 80 may require even higher expectations from the market.
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