Fed Rate Cut Hopes Boost Stocks

Stocks for Sphere Entertainment, Red Rock Resorts, and Nike surged today following hints of a potential interest rate cut by a Federal Reserve official. The probability of a rate cut in December jumped from 39% to over 73%, boosting market hopes. Sphere Entertainment and Nike saw a 2.7% increase, while Red Rock Resorts rose by 2.8%. Despite todays gains, Red Rock Resorts shares remain about 11% below their 52-week high, reflecting market sentiment on the companys long-term prospects.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.