"Futures are trading lower after a big rate-cut rally on Wednesday was sideswiped by Oracle's disappointing earnings after the bell yesterday. The Federal Reserve's 25-basis-point rate cut, as expected, put the benchmark rate at 3.50%-3.75%. The third consecutive cut lowered rates to their lowest level since late 2022, to help support a struggling job market and, hopefully, boost struggling home sales."
"All of the major indices finished the day higher with the venerable Dow Jones Industrials leading the way, closing up 1.05% at 48,o57, while the S&P 500 ended the session at 6,886, up 0.67%, and the Nasdaq was last seen at 23,564, up 0.33%. While Chairman Powell's statement and commentary were not as hawkish as some expected, he made it clear that future rate decisions will be very data-dependent."
Futures fell after Oracle reported disappointing earnings following a large rate-cut rally. The Federal Reserve lowered the benchmark rate by 25 basis points to 3.50%-3.75%, marking a third consecutive cut aimed at supporting the job market and housing. Major indices closed higher, led by the Dow, with the S&P 500 and Nasdaq also advancing. Chairman Powell said future rate decisions will be data-dependent and noted rates sit in a neutral range, meaning significant economic weakening would be needed for further cuts while labor market risks remain. Treasury yields declined, and oil and natural gas prices rose amid supply concerns.
Read at 24/7 Wall St.
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