Market Overview - U.S. stock markets are expected to open strongly due to the Federal Reserve's first interest rate cut of the year, a 25-basis-point reduction, which has increased investor optimism [1] - The Fed's indication of potentially two more rate cuts before the end of 2025 suggests a more accommodative monetary policy [1] Premarket Activity - U.S. equity index futures show robust advances, with S&P 500 futures up approximately 0.7%, Nasdaq 100 futures gaining over 1%, and Dow Jones Industrial Average futures up around 0.5% [2] - Fed Chair Jerome Powell described the rate cut as a "risk management cut," indicating no urgency to accelerate the easing cycle [2] Major Market Indexes - Wednesday's trading session saw mixed performances: Dow Jones Industrial Average closed higher by 0.57%, while S&P 500 edged down by 0.1% and Nasdaq Composite declined by 0.33% [3] - The prospect of lower borrowing costs is viewed as a significant tailwind for corporate earnings and economic growth [3] Upcoming Economic Data - Initial jobless claims are expected to retreat to 246,000, indicating a healthier labor market [4] - The September Philadelphia Fed Manufacturing Index is anticipated to return to marginal expansion at 3.0, up from -0.3 in August [4] - August Leading Indicators are expected to show a slight decline of 0.1% [4] Corporate Earnings - FedEx is set to report its fiscal first-quarter earnings, with analysts projecting earnings per share of $3.63 on sales of $21.7 billion, serving as a key indicator of global trade activity [5] International Developments - The Bank of England is expected to maintain its benchmark interest rate at 4%, with investors looking for clues on future monetary policy direction [6] Major Stock News - Nvidia shares declined by 2.6% due to reports of China's internet watchdog halting orders for its RTX Pro 6000D chip, reflecting geopolitical tensions [7] - Tesla's stock gained 1.01%, leading the "Magnificent Seven" tech giants in premarket gains [8] - Workday jumped 7.2%, while Lyft surged 13.1%, contrasting with Uber's 5% decline [9] - Cracker Barrel fell over 9% in after-hours trading following a weaker-than-expected fourth-quarter earnings report [10] Industry Developments - Hyundai Motor Company announced a 2030 vision targeting 5.55 million global vehicle sales, with 3.3 million being electrified vehicles, highlighting the shift towards electric mobility [11] - Major U.S. banks lowered their prime lending rates from 7.50% to 7.25% in response to the Fed's rate cut, potentially stimulating borrowing and economic activity [11]

Market Overview - The S&P 500 Index closed down -0.10%, while the Dow Jones Industrials Index closed up +0.57%, and the Nasdaq 100 Index closed down -0.21% [1] - Stock indexes settled mixed, with the Dow Jones reaching a new all-time high [2] - The 10-year T-note yield rose to 4.07% after initially falling to a 5.25-month low of 3.99% [2] Federal Reserve Actions - The Federal Open Market Committee (FOMC) cut interest rates by -25 basis points and signaled an additional -50 basis points of cuts by the end of the year [3][6] - The FOMC raised its US 2025 GDP forecast to +1.6% from +1.4% [7] - Fed Chair Powell indicated that inflation remains elevated and that higher goods prices are contributing to inflationary pressures [8][12] Housing Market - US housing starts fell -8.5% month-over-month to 1.307 million, below expectations of 1.365 million [5] - Building permits also fell -3.7% month-over-month to a 5.25-year low of 1.312 million, contrary to expectations of an increase [5] Company-Specific News - Nvidia's stock fell more than -2% after reports that China's Cyberspace Administration instructed major companies to halt orders for its RTX Pro 6000D chip [4][15] - Home building suppliers, including Builders FirstSource and Mohawk Industries, retreated following disappointing housing data [16] - Uber Technologies' stock declined more than -4% amid insider selling by CEO Khosrowshahi [17] - Hologic's stock rose more than +7% as interest in a potential takeover by Blackstone Inc. and TPG Inc. was revived [18] - PayPal Holdings' stock increased more than +2% after announcing a multi-year partnership with Google [19]

IPO Market - StubHub has gone public, opening slightly above its offering price of $23.50 per share, raising approximately $800 million by selling 34 million shares [1][2] - The overall market for new offerings is experiencing a resurgence, with the previous week being the busiest since 2021, featuring seven large IPOs [2] Nvidia - Nvidia's stock closed down over 2.5% after reports of China banning local tech companies from purchasing its chips, specifically the RTX Pro 6000D [3][4] - This marks a second setback for Nvidia, as market regulators have initiated an anti-monopoly investigation regarding its acquisition of Milanx in 2020 [5] - The company did not include any sales from China in its recent earnings guidance, indicating potential challenges in that market [4] Chinese Market Dynamics - Chinese ADRs saw gains as local companies like Alibaba and Baidu are developing their own chips to compete with Nvidia, following the chip news [6] - State media reported that Alibaba secured a significant customer, China Unicom, for its chips, supporting China's push for self-reliance in technology [6] Housing Market and Economic Indicators - The average 30-year fixed mortgage rate has decreased, leading to an increase in refinancing activity as consumers seek to capitalize on lower rates amid economic uncertainty [7][9] - The upcoming Federal Reserve rate decision is anticipated to impact various sectors, particularly tech and utilities, which are typically responsive to rate cuts [8] Labor Market and Consumer Health - Initial jobless claims are expected to be around 240,000, with a hotter-than-expected number potentially acting as a market catalyst [11] - The small-cap sector has shown resilience, spiking nearly 2% following the Fed's rate cut decision, indicating a need for lower borrowing costs [12] - Darden's upcoming earnings report is expected to provide insights into consumer behavior, particularly regarding affordability and menu adjustments to cater to value-seeking consumers [14]

Market Overview - The S&P 500 Index is down -0.17%, while the Dow Jones Industrials Index is up +0.77%, and the Nasdaq 100 Index is down -0.80% [1] - Weakness in chipmakers, particularly Nvidia, which is down more than -2%, is impacting the broader market due to regulatory actions from China's Cyberspace Administration [2][11] - The overall market is negatively affected by the decline in major technology stocks, with Amazon, Tesla, and Meta Platforms all down more than -1% [12] Economic Indicators - US housing news showed weaker-than-expected results, with August housing starts falling -8.5% month-over-month to 1.307 million, below expectations of 1.365 million [3] - Building permits also fell unexpectedly by -3.7% month-over-month to a 5.25-year low of 1.312 million, against expectations of an increase [3] - MBA mortgage applications rose +29.7% in the week ended September 12, with refinancing applications up +57.7% [4] Federal Reserve Actions - The Federal Reserve approved a quarter-percentage-point rate cut and indicated two additional cuts are expected before the end of the year due to concerns over the labor market [1][5] - The market anticipates a total of about 70 basis points in rate cuts by year-end, with a focus on the Fed's new economic forecasts [5] Company-Specific Developments - Uber Technologies is down more than -4% following insider selling by CEO Khosrowshahi, who sold $28.6 million in shares [13] - Manchester United reported a Q4 loss and cut its 2026 revenue outlook, leading to a decline of more than -6% in its stock [12] - Roivant Sciences is up more than +12% after its drug met primary endpoints in a Phase 3 trial [14] - Workday is up more than +8% after an upgrade from Guggenheim Securities [14] - Walmart is up more than +2% following a price target increase from Bank of America [15]

Market Overview - The S&P 500 Index is up +0.04%, the Dow Jones Industrials Index is up +0.48%, while the Nasdaq 100 Index is down -0.12% [1] - Stock indexes are mixed as they await the results of the FOMC meeting, with weakness in chipmakers impacting the broader market [2] Housing Market - US housing news was weaker than expected, with August housing starts falling -8.5% month-over-month to 1.307 million, below expectations of 1.365 million [3] - August building permits unexpectedly fell -3.7% month-over-month to a 5.25-year low of 1.312 million, weaker than the anticipated increase to 1.370 million [3] Mortgage Applications - US MBA mortgage applications rose +29.7% in the week ended September 12, with the purchase mortgage sub-index up +2.9% and the refinancing mortgage sub-index up +57.7% [4] - The average 20-year fixed rate mortgage fell -10 basis points to an 11-month low of 6.39% from 6.49% in the prior week [4] Federal Reserve Expectations - Markets expect the Fed to cut the fed funds target range by 25 basis points at the conclusion of the FOMC meeting [5][6] - The markets are pricing in a 100% chance of a -25 basis point rate cut and a 7% chance of a -50 basis point rate cut at today's FOMC meeting [7] - After the expected -25 basis point cut, markets anticipate an 86% chance of a second -25 basis point cut at the next FOMC meeting on October 28-29 [7] - Overall, markets are pricing in a total of -69 basis points in rate cuts by year-end, bringing the federal funds rate down to 3.64% from the current 4.33% [7]