Federal Reserve Cuts Rates, StubHub Slumps on NYSE Debut: Bloomberg Money Minute

Federal Reserve Interest Rate Decision

• 🏦 Policymakers voted to lower the benchmark interest rate by a quarter percent.
• 📉 The Fed also penciled in two more rate cuts this year to counteract a weakening U.S. labor market.

Market Reaction and Stock Performance

• 🎢 Wall Street experienced a volatile ride following the rate cut announcement, with stocks ultimately ending mixed but mostly higher.
• 📊 The Dow Jones Industrial Average gained over half a percent, while the Nasdaq and S&P 500 saw modest losses.

StubHub's NYSE Debut

• 🎟️ Shares of StubHub, the ticket marketplace for concerts and sporting events, slumped 13% on their trading debut on the New York Stock Exchange.

US Home Construction and Market Conditions

• 🏠 New home construction in August fell 8.5% to its lowest level since May.
• 🏗️ This decline is attributed to builders having a backlog of unsold homes and high prices and interest rates making new, more expensive single-family homes less accessible.
• 📉 Prices for more expensive single-family homes reached their lowest point in over a year.