Overview
- After a 25 bp cut to 3.75%–4.00%, Jerome Powell said a December reduction is not assured as officials aired differing views, and 10-year Treasury yields edged to roughly 4.07%–4.10%.
- The Dow slipped, the S&P 500 was flat, and the Nasdaq notched a record close, helped by Nvidia becoming the first company to top $5 trillion in market value.
- Tech results drove wide swings as Meta fell roughly 11%–12% on a sharp profit drop and heavier AI spending, Alphabet rose on stronger cloud-fueled earnings, and Microsoft eased despite beating forecasts.
- Paris’ CAC 40 fell 0.53% with banks retreating despite higher quarterly profits, Stellantis dropped 8.75% after warning of additional charges, and Airbus gained on a double-digit profit increase.
- U.S.–China talks in South Korea produced announcements on rare earths, soy and certain tariff issues related to fentanyl, a development that supported risk appetite alongside ongoing AI optimism.