Stock market today: Nasdaq clinches record, Dow, S&P 500 dip as Fed cuts rates, Powell downplays December cut

Market Overview - US stocks ended mixed following the Federal Reserve's second interest rate cut of the year, with the S&P 500 down fractionally, the Nasdaq Composite up 0.5% to a new all-time high, and the Dow Jones Industrial Average slipping 0.2% [1] Federal Reserve Decision - The Federal Reserve implemented a quarter-point rate cut but indicated that a further reduction in December is not guaranteed, as stated by Fed Chair Jerome Powell [2] - The decision revealed divisions within the central bank, with some members, including newly appointed governor Stephen Miran, advocating for a half-point cut, while others, like Kansas City Fed president Jeff Schmid, preferred to maintain current rates [3] Nvidia Developments - Nvidia's stock reached a new record following President Trump's comments suggesting potential easing of sales restrictions in China, particularly regarding Nvidia's Blackwell AI processors [4] - The surge in Nvidia's stock pushed its market value above $5 trillion, marking it as the first company to achieve this milestone, following a record high close on Tuesday after positive announcements from its GTC event [5] Upcoming Earnings Reports - Anticipation builds for earnings reports from major tech companies, with Alphabet, Meta Platforms, and Microsoft reporting after the bell on Wednesday, followed by Apple and Amazon on Thursday [6]