All Eyes On The FOMC – US Market Wrap

– Stocks tumbled at the end of a tumultuous week as technology sold off and a slew of options expiring Friday exacerbated market volatility.
– The options event occurred at a pivotal point in the markets’ positioning for next week’s Federal Reserve policy meeting. A recent increase in inflation has fueled debate over the level of easing policymakers would signal for 2024.
– The S&P 500 fell to around 5,115, with trading volume that was above the average of the past month. The Nasdaq 100 fell over 1%. Adobe sank on a weak sales outlook. Nvidia saw a 10th straight weekly gain with its artificial intelligence conference just days away. Treasury 10-year bonds saw their worst week this year.
– Traders in interest-rate swaps pushed bets on the timing of the full first, quarter-point Fed cut to the July meeting.
– Fed officials last released quarterly forecasts in December, anticipating three quarter-point cuts in 2024, and they’re set to release an update of those projections on March 20.