Stock market today: S&P 500, Nasdaq slip as Federal Reserve ushers in first rate cut of 2025

Corporate Developments - China has instructed its largest tech companies, including Alibaba, not to purchase Nvidia's AI chips, effectively banning tens of thousands of orders, which led to a nearly 3% drop in Nvidia shares [4] - General Mills reported quarterly sales that exceeded estimates; however, shares declined after the company warned of a challenging consumer environment [5] - Cracker Barrel's results are under scrutiny following controversy over its now-abandoned logo change [5] Economic Context - The Federal Reserve cut interest rates by 25 basis points, marking the first reduction of the year, with the Dow Jones Industrial Average rising by 0.5%, while the S&P 500 and Nasdaq Composite fell by 0.1% and 0.3% respectively [1] - Fed Chair Jerome Powell described the rate cut as a "risk management cut" due to a deteriorating labor market amidst high inflation, with indications of two more rate cuts expected this year [2] - Concerns over the Federal Reserve's independence are growing, particularly with President Trump's influence over policymakers, highlighted by the dissent from newly confirmed Fed governor Stephen Miran who advocated for a 50 basis point cut [3]