The S&P 500 is up +0.34%, Dow Jones up +0.67%, and Nasdaq down -0.01%. The Federal Reserve approved a 25-basis-point interest rate cut, setting the benchmark at 3.5% to 3.75%. Officials forecast one further cut in 2026. Stocks found support post-wage pressure easing and the Q3 employment cost index rising +0.8% q/q.

US MBA mortgage applications rose +4.8%, with the purchase mortgage sub-index down -2.4% and refinancing up +14.3%. 83% of S&P 500 companies exceeded Q3 earnings forecasts. Overseas markets are lower, with European government bond yields rising. ECB President Lagarde is optimistic about the economy.

Interest rates are up, with the 10-year T-note yield at 4.166%. T-notes rebounded after the Q3 employment index rose less than expected. ECB Governing Council member Simkus hints at no interest rate change. Stocks like Maplebear, Uber, and DoorDash are down due to Amazon’s expanded grocery delivery. Cryptocurrency-exposed stocks are under pressure. AeroVironment, GameStop, T Rowe Price Group, and Noble Corp Plc are down.

Photronics is up +42%, while GE Vernova leads gainers in the S&P 500. EchoStar and Middleby Corp. are up, while Chewy, PepsiCo, and Waters Corp. report positive gains. Adobe, Chewy, Nordson Corp, Oracle Corp, Synopsys Inc, and Vail Resorts Inc are due to report earnings on 12/10/2025. No positions in the securities mentioned.

Read more at Nasdaq: Fed Cuts Rates for Third Time This Year, Signals One More in 2026