News Summary

• Yesterday was the 96th anniversary of Black Monday, the day in 1929 when the Dow Jones index fell 13%.
• This began a period of chaotic selling that didn’t end until the stock market lost 89% of its value the following year.
• Trading is pretty much on hold today as investors wait for U.S. Federal Reserve Chair Jerome Powell to announce that he will, as expected, deliver a 0.25% cut to interest rates.
• 99.9% of bettors on Fed funds futures have priced in the cut already, according to CME FedWatch.