Mike Santoli's market notes: Fed impact, more risk-embracing tone, 2009 vs. 1929

US Federal Reserve Chairman Jerome Powell gives a press briefing after the surprise announcement the FED will cut interest rates on March 3, 2020 in Washington, DC.
Eric Baradat | AFP | Getty Images

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Quiet upward drift fairly common on Fed day before the statement hits. Bid returns to big growth stocks after the late-day air pocket yesterday. Very little to conclude from most of the daily back-and-forth except this market remains comfortably stuck near the upper end of a seven-week range, preserving a gentle uptrend for now.  
  • S&P has been holding in a narrowing band, upside 3280 and downside a bit below 3200, albeit in choppy, rotational, selective fashion. Would not shock me if the index made a run for either rail in the post-Fed gyrations, just to give folks something to think about tomorrow.