Wall Street Ends Mixed After Fed's First Rate Cut in Four Years
The Dow Jones Industrial Average hit a record high, while the S&P 500 and Nasdaq dipped as investors evaluated the impact of the Federal Reserve's aggressive rate cut.
- The Federal Reserve cut interest rates by 50 basis points, marking its first reduction since 2020.
- Despite the rate cut, the S&P 500 fell 0.2% and the Nasdaq dropped 0.4% on Friday, while the Dow edged up 0.09% to a new record high.
- FedEx shares plunged over 15% after missing quarterly profit and revenue expectations and lowering its full-year outlook.
- Nike shares surged nearly 7% following the announcement that Elliott Hill will replace John Donahoe as CEO.
- Constellation Energy soared 22% after announcing plans to restart the Three Mile Island nuclear plant to supply power to Microsoft data centers.
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