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Dillard’s, Casey’s General, Buckle and Sally Beauty all hit 52-week highs this week. «For investors, we continue to believe the backdrop of lower rates is positive for quality bonds, equities, and gold,» Hoffmann-Burchardi continued. «With gold having reached our 2026 forecast (USD 3,700/oz), we believe that the FX and rates environment remain conducive to further upside, while positioning indicators are not stretched,» analyst Michael Hsueh wrote. «Although gold has screened as rich versus fair value, we think much of this is due to the strength of official demand, which we expect to persist.» Possibly disappointing traders was a Powell comment in his press conference after the decision where he characterized the move as a «risk management cut.» Powell’s comments suggest this move was more of an insurance cut in case the economy dramatically slowed. One of the biggest winners of the day was the small cap-focused Russell 2000, which jumped 0.18%.

Smaller companies rely more on variable financing and so stand to benefit from lower rates. Stock futures were little changed Tuesday night to start the session, as traders braced for the Fed’s key policy announcement. The index is now around 1% away from its closing all-time high record notched in November 2021. «You could see an unwind…if there’s a sense that the Fed is not willing to act as aggressively as the market is pricing in,» Rajappa said.

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The S&P 500 is up 2.2% month to date, while the Nasdaq has jumped 3.8% on a surge in artificial intelligence-related stocks. The Dow Jones Industrial Average closed higher and the S&P 500 was little changed after a volatile day of trading as the Federal Reserve lowered its benchmark rate as expected on Wednesday. Fed Chairman Jerome Powell tempered enthusiasm a bit by signaling the move was not the start of a long rate-lowering cycle. Contracts tied to the major averages hovered around the flatline after a session in which the S&P 500 hit an intraday high. The Fed will provide more insight into its rate outlook this week when it releases its widely followed «dot plot» grid. Cytokinetics’ shares rose roughly 1% in after-hours trading on Tuesday, shortly after the biopharmaceutical company announced it plans to raise up to $650 million through an offering of convertible senior notes due in 2031.

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Investors seemed to be betting that the Federal Reserve will usher in a cycle of lower rates that will boost consumers’ wallets, starting with its Wednesday policy decision. Whether or not Federal Reserve Chair Jerome Powell delivers a dovish tilt in his post-meeting address on Wednesday, investors should stay invested given that the path of interest rates is lower, according to UBS. Nvidia CEO Jensen Huang was asked at a stock market books for beginners news conference about The Financial Times report that noted China’s internet regulator had barred Chinese tech firms from buying the semiconductor’s products. «We are pleased with our dialogue with the team and believe the plan announced at today’s Financial Analyst Day represents a significant enhancement of Workday’s operating model and capital allocation framework,» Elliott said in a statement. «We believe this multi-year plan will drive substantial long-term value creation for Workday shareholders, and we look forward to continued collaboration with the company.» Notable retail gainers included Walmart, which hit a new all-time high on Wednesday.

Permits totaled a seasonally adjusted annualized rate of 1.31 million for the month, down 3.7% from the upwardly revised July rate and below the Dow Jones consensus estimate for 1.37 million. In another dose of bad news for the housing market, building permits and new construction both were well below expectations in August. Workday also announced an additional $4 billion to its repurchase program, according to a regulatory filing released Tuesday evening. Alphabet-owned self-driving car company Waymo partnered with Uber to get its robotaxis into Atlanta and Austin, Texas, and is teaming up with Lyft for the first time to enter Nashville next year. Riders in Nashville will be able to hail a Waymo vehicle either through the Waymo One or Lyft app.

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«Net, net, Fed officials did not hit the panic button as they chose to cut rates by the smallest possible magnitude at the September meeting,» said Christopher S. Rupkey, chief economist at FWDBONDS. «Job gains have slowed, and the unemployment rate has edged up but remains low,» the committee noted in its post-meeting statement, which also noted that economic activity has «moderated» and inflation «has moved up and remains somewhat elevated.» Shares of real estate platform Zillow gained 3.5% on Wednesday after Bernstein upgraded the stock to outperform from market-perform. The Wall Street firm said it’s getting more bullish on the company given recent execution on mid-teens revenue growth, improving earnings quality and the prospect of lower interest rates.

News

Stocks could fall if the Fed adopts a less dovish stance than expected over the coming months, Subadra Rajappa, head of U.S. rates at Societe Generale, said Tuesday on CNBC’s «Fast Money.» China Unicom—the country’s second-largest telecommunications company—will deploy Alibaba’s AI accelerators from its semiconductor unit called Pingtouge or T-Head, according to a report from China state broadcaster CCTV, which was confirmed to CNBC. Alibaba does not sell chips directly, but companies can effectively use the computing power based on those semiconductors by buying Alibaba cloud services. U.S.-listed shares of Alibaba gained more than 2% before Wednesday’s open after Chinese state media reported that the e-commerce giant secured a major customer for its artificial intelligence chips.

The Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point in an 11 to 1 vote, putting the overnight funds rate in a range between 4%-4.25%. The central bank also signaled two interest rate cuts will be implemented during the remainder of the year. Nvidia shares were down around 1% in the premarket after The Financial Times reported, citing three people with knowledge of the matter, that China’s internet regulator had barred tech companies in the country from buying the AI giant’s chips.

«Any hawkish element in his remarks could challenge investor optimism over future Fed rate cuts and trigger market volatility,» Ulrike Hoffmann-Burchardi, global head of equities at UBS Financial Services, wrote on Wednesday. Shares of high-flying tech stocks led the losses following the Fed decision as investors took profits on the bull market winners. On the positive side, stocks that would benefit from lower rates were in the green, boosting the Dow and the broader market. Shares of Walmart, JPMorgan and American Express were higher during the session. Accurate information on 100,000+ stocks and funds, including all the companies in the S&P500 index. Major U.S. stock indexes wavered after the Federal Reserve’s rate cut decision Wednesday.

• Stock futures were little changed Tuesday night to start the session, as traders braced for the Fed’s key policy announcement.
• Major U.S. stock indexes wavered after the Federal Reserve’s rate cut decision Wednesday.
• Shares of real estate platform Zillow gained 3.5% on Wednesday after Bernstein upgraded the stock to outperform from market-perform.
• Also, M&A deals hit $1 trillion in the third quarter thanks to deals like Electronic Arts’ (EA) $55 billion leverage buyout.

The Federal Reserve lowered its benchmark rate by 25 basis points, or a quarter-percentage point, to a range of 4%-4.25%, as expected by many investors and economists. On Wednesday, the firm raised its 2026 forecast on gold prices Wednesday to an average of $4,000 an ounce. That comes after gold prices hit a record of $3,702.95 Tuesday, surpassing the firm’s previous forecast. What’s more, the central bank gave a hawkish outlook for rates in 2026, where officials are predicting only one more rate cut in the new year, slower than the current market pricing of two-to-three. To be sure, the Fed’s so-called dot plot shows a large variance of opinion for the next year.

Lyft shares skyrocketed nearly 15% Wednesday morning on the back of its latest commercial deal. Bernstein also hiked its 12-month price target on Zillow by $30 to $105, which represents an upside north of 20% in the stock price. The Russell 2000 is within striking distance of its record closing high following Wednesday’s rally.

• The Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point in an 11 to 1 vote, putting the overnight funds rate in a range between 4%-4.25%.
• The S&P 500 is up 2.2% month to date, while the Nasdaq has jumped 3.8% on a surge in artificial intelligence-related stocks.
• «Although gold has screened as rich versus fair value, we think much of this is due to the strength of official demand, which we expect to persist.»
• The central bank also released its latest «dot plot» which showed the central bank expects to lower rates two more times this year.
• Nvidia CEO Jensen Huang was asked at a news conference about The Financial Times report that noted China’s internet regulator had barred Chinese tech firms from buying the semiconductor’s products.

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«Uncertainty about the economic outlook remains elevated» the statement said. «The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.» The central bank also released its latest «dot plot» which showed the central bank expects to lower rates two more times this year. With gold prices having scored a fresh record this week, Deutsche Bank now sees even more room to run for the commodity.

Last night President Trump announced tariffs of 10% on softwood timber and lumber alongside a 25% tariff on «certain upholstered wooden products» due to take effect on October 14. The Information reported that OpenAI’s revenue over the first half of 2025 hit $4.3 billion. Just last week the ChatGPT owner received a $100 billion investment from Nvidia (NVDA). Also, M&A deals hit $1 trillion in the third quarter thanks to deals like Electronic Arts’ (EA) $55 billion leverage buyout. For more live coverage of markets watch the full episode of Market Sunrise and head to Yahoo Finance.