Markets turned choppy after the Fed’s 25bp cut and Powell’s caution on further easing. The S&P 500 traded flat to down, Nasdaq fell as profit‑taking hit some megacaps, while the Dow slipped. Tech led both gains and losses — Nvidia rally offset by Meta tax shocks — and Treasuries sold off, sending the 10‑year yield above 4%.
The Federal Reserve delivered a 25bp rate cut and signaled an end to quantitative tightening, but the decision exposed splits among policymakers. Markets and policymakers are parsing dissents and what the move means for future easing.
5 trillion – Nvidia becomes the first company to reach a $5 trillion market valuation.
Nvidia hit an unprecedented valuation milestone, becoming the first public company to top $5 trillion. The surge underscores the AI-driven rerating of chipmakers and has ripple effects across markets and corporate AI strategy.
Microsoft beat on the quarter as Azure and cloud services grow rapidly, driven by AI demand. The results highlight how cloud revenues are offsetting pressures elsewhere and fuel further capex spending.
Prudential posts record quarterly profit
Prudential reported record quarterly profit driven by strong investment returns and net inflows, lifting its outlook and signaling resilience in insurance amid market volatility.
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Meta reported strong revenue but was hit by a nearly $16 billion one‑time U.S. tax charge and flagged much higher capex for next year. The charge and spending plans pressured the stock despite robust sales growth.
Alphabet topped revenue estimates as search, ads and Google Cloud all posted strong growth, with cloud revenue jumping sharply year‑over‑year. The print reinforces Alphabet’s cloud momentum amid the AI investment cycle.
Paramount to lay off 2,000 employees
Paramount began a sweeping round of layoffs affecting about 2,000 staff as new owners restructure post‑merger, trimming costs amid a tough media ad environment.
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Microsoft suffered a significant outage affecting Azure and Office 365, disrupting enterprise users and consumer services. The incident underscores cloud fragility risks as firms rely on a small set of hyperscalers.
Amazon announced its largest corporate purge in years, cutting roughly 14,000 roles as it reorganizes around AI. The layoffs reflect broader cost‑control and AI‑driven restructuring across tech.
Fed ends quantitative tightening and cut rates 25bps; FDA to speed biosimilar approvals to lower drug costs; White House signals progress on a U.S. ownership deal for TikTok — regulatory moves reshaping markets and health care.
General Motors is trimming EV and battery production amid slower EV demand, triggering thousands of job cuts across several U.S. plants. The moves highlight the auto sector’s painful inventory and subsidy adjustments.
Boeing took a near‑$5 billion charge tied to 777X delays and faces major penalties as certification slips. The hit underscores continuing execution risks at the planemaker and pressure on long‑term delivery timelines.
“We’re on track for half a trillion dollars in revenue.”
— Jensen Huang, Nvidia CEO
Hurricane Melissa made catastrophic landfall in Jamaica and battered other Caribbean islands, causing large-scale damage and casualties. The storm is prompting emergency responses and will have significant economic and humanitarian costs.
Nvidia expanded its strategic footprint in telecoms with a major stake in Nokia, signaling a push into AI‑native wireless and 6G infrastructure. The move pairs chip and network plays as companies race to embed AI across networks.
The White House said a deal to put TikTok under U.S. ownership could be finalized imminently, ending months of uncertainty. A resolution would remove a major regulatory overhang for the app’s U.S. operations and advertisers.
Washington and Seoul finalized a sweeping trade and investment package after months of talks, promising large Korean investment in U.S. industry. The deal is paired with strategic military cooperation developments between the allies.
The U.S. government shutdown continues to squeeze services and budgets; the White House executed temporary moves to ensure troops are paid. Economists warn the shutdown could shave billions from GDP if it persists.
Markets reacted sharply to Fed signals: Treasury yields jumped and equities pulled back as officials cooled expectations for another December cut. Traders are repricing rate-path odds amid mixed data and policy uncertainty.
Mastercard is in late‑stage talks to buy Zerohash, a crypto and stablecoin infrastructure firm, in a deal worth up to $2 billion. The acquisition would deepen traditional payments firms’ exposure to tokenization and stablecoin rails.
Payments processor Fiserv plunged after the new CEO withdrew prior guidance, wiping roughly $30 billion of market value. Management is promising a revamp to close competitive gaps as investors digest execution questions.
A leading construction indicator signals an oncoming wave of data‑center builds as companies race to expand AI capacity. The indicator points to rising non‑residential activity that will shape energy, real‑estate and supply chains.