Fed cuts as rally continues

Coming on the heels of the U.S. election, the Fed announced on Thursday a widely expected 25-basis cut to the key interest rate, in response to declining inflation. The announcement came as U.S. markets extended gains from the day before, though the Dow ended the session flat. In contrast, the S&P rose 0.7% to a record close of 5,973 and the Nasdaq 1.44% moved higher to another record of 19,256.

Once more, Nvidia was the most-active stock, making its own new peak after rallying 2.13%. Super Micro Computer rebounded 11,94% after a long losing streak, Warner Bros. Discovery soared 11.63%, Intel 4.8% while Match Group closed the day -18.15%. The U.S. 10-year yield reversed recent gains by sinking to 4.341% while Bitcoin extended gains by 1.3% to nearly US$76,500.

The TSX rallied as well, up 0.81% as all but two sectors, including telcos, gained. Tech, materials and real estate were the strongest areas. Reporting a loss, BCE closed the day -2.8%, while Manulife added 2.73% after beating its quarter. Elsewhere, Silvercrest Metals jumped 10.77% and Enbridge 1.55% as the most-active stock. Gold rallied US$1.77 to US$2,706 while WTI edged 0.42% higher to US$72.

💾 NVIDIA Corporation (NVDA-Q) +2.13%

💾 Super Micro Computer (SMCI-Q) +11.94%

📺 Warner Bros. Discovery (WBD-Q) +11.63%

💾 Intel (INTC-Q) +4.8%

💾 Match Group (MTCH-Q) -18.15%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.3%

📱 BCE Inc. (BCE-T) -2.8%

🏛 Manulife Financial (MFC-T) +2.73%

⛏ SilverCrest Metals Inc (SIL-T) +10.77%

🛢 Enbridge (ENB-T) +1.55%