- The S&P 500, Dow Jones, and Nasdaq 100 are all up today. The Federal Reserve cut interest rates for the second time despite limited economic visibility due to the government shutdown. The rate cut passed with a vote of 10 to 2.
- US stock indexes reach all-time highs on easing trade tensions. President Trump plans to lower tariffs on Chinese goods due to the fentanyl crisis. Semiconductor stocks like Nvidia jump after potential trade deal news.
- US mortgage applications rose by +7.1% as rates hit a 13-month low. Pending home sales for September remained flat. A US-China trade agreement is expected to be announced soon.
- The ongoing US government shutdown delays economic reports. President Trump imposes a new 10% tariff on Canadian imports. Supreme Court to rule on legality of reciprocal tariffs.
- Overseas markets are higher. Interest rates are down with T-note yields up. European bond yields are lower. US-China trade talks drive market movements.
- Stock movers include Nvidia, Micron, and KLA Corp leading gains. Bloom Energy and Seagate Technology also post strong gains. Fiserv and Avantor face significant losses.
- Earnings reports for companies like CVS Health, Boeing, and Verizon are expected. Market reactions vary with Centene, Fortive, and Cognizant showing impressive gains, while Garmin and Verisk Analytics experience losses.
Read more at Nasdaq: Fed Delivers Expected Rate Cut While Signaling End to Balance Sheet Reduction