The Federal Reserve cut interest rates by 25 basis points, marking the lowest level since 2022. However, Fed Chair Jerome Powell hinted at a possible pause in further rate cuts for the rest of the year. Still, the S&P 500 gained 0.2%, and the Nasdaq gained 1%, both hitting fresh record highs.
Gold remained flat at $3,950 an ounce after Powell warned that a December rate cut is not guaranteed. Potential progress on the US-China trade framework has also reduced some safe-haven demand.
In corporate earnings, Microsoft beat expectations but saw a ~2.5% drop in after-hours trading due to a slight miss in cloud revenue. Meta posted strong results but fell ~8% after hours, driven by concerns over capital expenditure. Alphabet exceeded earnings and revenue forecasts, with strong performance across Search, YouTube, and Cloud, sending shares up ~5% in after-hours trading.
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