Market Overview - Major indices including the Dow, Nasdaq, S&P 500, and Russell 2000 closed at all-time highs, with the Russell 2000 achieving its first record since 2021 [1][14] - The market is experiencing a pause after a significant rally, with modest gains expected at the open [4][5] Federal Reserve and Economic Indicators - The Federal Reserve cut interest rates for the first time this year, contributing to bullish market sentiment [2][15] - Expectations for further rate cuts have increased, with the S&P 500 up approximately 3% this month [15][16] - Minneapolis Fed President Neil Kashkari expressed concerns about the jobs market, suggesting three rate cuts this year, up from two previously anticipated [18][19] Trade Relations and Corporate Impact - Ongoing trade tensions with China are a focal point, with President Trump and Chinese President Xi Jinping discussing issues including TikTok and tariffs [2][8] - FedEx reported a surprise earnings beat but warned of a $1 billion impact from trade volatility, highlighting the challenges posed by US-China trade tensions [3][23][24] - FedEx's adjusted operating income is expected to be affected by trade dynamics, with a significant portion of the impact stemming from the China market [23][25] Sector-Specific Developments - Nvidia faced challenges in China due to accusations of violating anti-monopoly laws, impacting its business operations [9][10] - The agricultural sector is also under scrutiny, with China not purchasing US soybeans at the start of the export season, indicating potential leverage in trade negotiations [12] Upcoming Economic Data - The core PCE inflation data is anticipated, with estimates around 2.9%, which is not expected to significantly alter the Fed's approach [27][28][29] - The next jobs report, due on October 3rd, is expected to be a key focus for market participants [29] Corporate Earnings and Stock Performance - FedEx's stock saw a rise following its earnings report, despite the warning about trade impacts [36][37] - Clavio received an upgrade from Morgan Stanley, indicating a positive growth outlook [39] - Net Scope's IPO was successful, with shares jumping 18% on debut, reflecting strong demand in the cybersecurity sector [41]