All indices are relatively flat as the market braces for the Fed decision at 2:00 pm.

The S&P 500 is within striking distance of its all-time high as the Street gets ready for the first rate cut. Ryan Detrick points out that this is typically a positive sign for stocks. During the 20 times the Fed cut rates with the index near record highs, the S&P 500 was higher a year later.

So far, the odds for a 50bps cut are sliding to 55% from 70% at the open.

Five out of eleven sectors are edging into the green, with Energy (XLE) in the lead. The two sectors tied for worst performing are Technology (XLK) and Utilities (XLU), both down 0.44%.

Ahead of the Fed meeting, the market is edging into the greed zone from neutral.

On the economic front, the Atlanta GDPNow sees the third quarter of 2024 (3Q’24) Gross Domestic Product (GDP) at 2.9%. Down from the close yesterday when it was at 3%.

We are counting the minutes until 2PM.