Stock Market Live September 17: S&P 500 (VOO) Flat as Investors Await Fed Rate Decision
Key Points
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The Federal Reserve will announce its decision on interest rate cuts this afternoon.
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General Mills beat earnings in its fiscal Q1 report this morning.
Live Updates
Wednesday Wrap-up
Goodbye Lilly
Berenberg analyst Kerry Holford downgraded Eli Lilly (NYSE: LLY | KR Price Prediction) stock to hold with a price target of $830 this morning.
“Lilly has delivered spectacular shareholder returns over the past five years [and] we have been big supporters of the Lilly investment case, based on its once underappreciated, best-in-class obesity and diabetes franchise,” says Holford. However, “the obesity market upgrade cycle has plateaued and consensus expectations for Lilly’s franchise are high. Berenberg forecasts are now slightly below consensus. We pull back to a Hold rating with a new price target of USD830.”
Nvidia Banned (in China)
London’s The Financial Times is reporting that China’s internet regulator has ordered at least some of the country’s biggest tech companies to cease purchases of artificial intelligence chips from Nvidia (Nasdaq: NVDA).
It’s unclear how widespread the ban is, how long it will last, and whether this is just a negotiating tactic in the country’s tariffs negotiations with the Trump administration — but Nvidia stock is down nearly 3% on the news.
The Voo, too, has taken a turn for the worse, now down more than 0.1%.
Kroger Is Krushing It
Roth/MKM analyst Bill Kirk upgraded Kroger (NYSE: KR) stock to buy with a price target of $75 this morning.
“Kroger’s valuation (~7.6x EV/NTM EBITDA from ~6.7x one year ago) has lagged peers” despite beating earnings in its last report, notes the analyst. “On better volumes, more inflation, and cost savings, Kroger results should continue to surprise to the upside,” making Kroger a good buy at current prices.
Kroger stock opened up more than 1% this morning. The Voo is now in positive territory, but only just barely — up 0.03%.
This article will be updated throughout the day, so check back often for more daily updates.
Today’s the day — the day the Federal Reserve (probably) will cut interest rates for the first time this year.
Federal Open Market Committee members have been discussing whether to cut target interest rates since yesterday, and at 2 p.m. today are expected to render their verdict, cutting rates by 0.5% (maybe), 0.25% (probably), or 0% (potentially — in which case, a lot of investor tears will be shed). For now, most investors seem to assume the Fed will take the middle course and cut by a quarter point.
They’re sitting tight, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is trading basically flat on that assumption.
Housing Market News
One factor boosting confidence that a rate cut of some size is coming is the nation’s housing market. CNBC just reported that (annualized) applications for new building permits dropped 3.7% in August, putting us on course for only 1.31 million new houses to be built this year.
Actual housing starts look similar, trending towards 1.307 million for the year — and that number is down 8.5% from July.
Earnings
Earnings “season” is basically over at this point, but the occasional earnings report still pops up from time to time. Cereal giant and S&P 500 component company General Mills (NYSE: GIS) beat earnings by a nickel in its fiscal Q1 2026 report this morning, earning $0.86 for the quarter.
Revenue was right on target at $4.5 billion, and management reaffirmed its guidance for flat sales this year, somewhere between down 1% and up 1%. Adjusted earnings for the year on the other hand, could be down as much as 10% to 15%.
Investors don’t like the sound of that one bit, and General Mills stock is down 3% premarket.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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