Stock Market Update:
Pre-market trading sees major indexes hitting all-time highs, with the Dow up 79 points, S&P 500 up 13 points, Nasdaq up 88 points, and Russell 2000 slightly down. Expect a 25 bps rate cut from the Fed today, bringing rates down to 3.75-4.00%. NVIDIA becomes the first $5 trillion market cap stock.

Q3 Earnings Highlights:
Boeing reports a $4.9 billion loss with revenues of $23.27 billion; Caterpillar beats estimates with $4.95 EPS and $17.64 billion in revenue. Verizon tops earnings estimates with $1.21 EPS on $33.82 billion in sales. Look out for after-market earnings reports from Microsoft, Alphabet, Meta, Starbucks, and ServiceNow.

Semiconductor Stock to Watch:
As data demand grows, an under-the-radar chipmaker positioned to capitalize on the market’s next growth stage emerges. Specializing in products not built by NVIDIA, this company is set to shine. Find out more about this stock and other top stock picks for the next 30 days from Zacks Investment Research.

Read more at Nasdaq: Pre-markets Advance Ahead of FOMC Rate Cut, Mag 7 Earnings