Overview

• U.S. stocks opened higher with the Nasdaq up about 0.9% and the S&P 500 up roughly 0.4%, keeping both near record levels as the Dow hovered flat.
• Intel shares jumped more than 25% after Nvidia said it will invest $5 billion and collaborate on chips for PCs and data centers, though no foundry order was announced.
• The Federal Reserve cut the federal funds rate by 25 basis points to 4.00%–4.25%, and projections indicate two additional cuts this year as Treasury 10-year yields eased to around 4.04%–4.06%.
• Powell cautioned there is “no risk‑free path” given elevated inflation and a weakening labor market, underscoring that further moves will depend on incoming data.
• Initial jobless claims fell by 33,000 to 231,000 last week, offering a tentative counterpoint to other signs that hiring has slowed.