The stock rally stalled yesterday as Federal Reserve Governor Christopher Waller expressed openness to rate cuts in the first half of 2025, while Treasury secretary nominee Scott Bessent warned of an economic crisis if tax cuts from 2017 are not extended. This news led to a drop in bond yields and a slowdown in stock gains. The S&P 500 almost reached a 2% gain but ultimately ended lower, despite solid earnings from major companies like Morgan Stanley and Bank of America Corp.
Source: https://www.bloomberg.com/news/articles/2025-01-15/stock-market-today-dow-s-p-live-updates