S&P 500 Holds at Record as Bonds Fall After Fed: Markets Wrap (Jerome Powell. Image: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

US stocks slumped as the Federal Reserve cut interest rates by a quarter point for a second-straight time but downplayed the prospect of further reductions before the end of this year.

The S&P 500 Index teered down 0.209% as of 2:22 p.m. in New York, while the Nasdaq 100 Index was up 0.161%. Nvidia Corp. held onto gains after breaching $5 trillion in market capitalization and becoming the first public company in history to hit the milestone.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion — far from it,” Fed Chair Jerome Powell said Wednesday afternoon in the opening comments of his p

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