In a recent speech, the president of the Federal Reserve Bank of New York hinted at a potential interest rate cut in December to support the job market. This news immediately shifted market expectations, with the likelihood of an interest rate cut at the Federal Reserve’s December meeting now more likely than not. This prospect led to a rally in major indices like the S&P 500, Dow Jones Industrial Average, and the Nasdaq Composite. Among the stocks impacted were Exponent (EXPO), which saw a significant move today despite its usual stability. The stock market tends to overreact to news, offering opportunities to buy high-quality stocks.

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