Fed Cuts Rates, Tech Eyes Oracle Earnings

US stocks surged on Wednesday following the Federal Reserves quarter-point interest rate cut, with the Dow and S&P 500 gaining, and the Nasdaq staying flat. This marks the third rate cut this year, but the Fed hinted at a slower pace, projecting only one more cut in 2023. The vote was not unanimous, with two presidents preferring to keep rates unchanged, and one governor advocating for a larger cut. In company news, GameStop stock fell, while GE Vernova shares surged after doubling its dividend. Tech sector eyes Oracles earnings report, with Broadcom, Costco, and Lululemon also releasing reports on Thursday.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.