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The Federal Reserve cut interest rates to support hiring but Chair Powell dampened hopes for additional December cuts, jolting equity investors seeking continued relief.

Stocks oscillated on the rate cut news, with the S&P 500 nearly flat and the Nasdaq up 0.5%, as AI companies like Nvidia kept advancing.

Earnings season revealed sharp divides: payments company Fiserv crashed 44% after cutting profit guidance, while AI-related businesses reported surging demand despite economic headwinds.

Stocks bounced around their records on Wednesday after the Federal Reserve made moves to boost the job market but also warned that more help isn’t guaranteed.

The S&P 500 finished virtually flat

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