FOMC Cut Sends Prices Up, Election Blitz Strong | Wall Street Today

Markets responded by keeping the uptrend in prices strong, but the Dow fell. After 4 pm ET, the   $Dow Jones Industrial Average (.DJI.US)$ itraded flat. The   $S&P 500 Index (.SPX.US)$ cliumbed 0.74%  and the $Nasdaq Composite Index (.IXIC.US)$ is up 1.51%.

The Federal Open Market Committee lowered the target Federal Funds rate by 25 basis points, to a target of 4.5%-4.75%, citing the progress in inflation and slowing job gains on Thursday.

"Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low," the FOMC statement said. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated."

President-elect Donald Trump has been at odds with Federal Reserve Chair Jerome Powell throughout his election campaign which ended with him winning the top seat at the White House during this week's race,Luzi Santos writes for moomoo news.

Within industries, Apparel Manufacturing climbed overall, led by both share classes of   $Under Armour-A (UAA.US)$ that saw a jump of 23-27% after the firm reported earnings Thursday morning that impressed investors.

$Crude Oil Futures(JAN5) (CLmain.US)$ fell back a bit, seeming free from post-election volatility and sitting near $72/barrel.

$Bitcoin (BTC.CC)$ ended up at $76k/coin, only climbing slightly after breaking an all-time high after Trump's victory. Gold and silver  both climbed.     $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell. Bloomberg reported Thursday that the $28T U.S. government debt market sold off heavily after Trump's win, causing yields on bonds to rise to their highest values since the summer. Bloomberg reported that bond traders and economists are worried that the "king of debt" will spend more money and increase the deficit, reigniting inflation and causing U.S. debt payments to rise above the yearly GDP.

$Dutch Bros (BROS.US)$ shares surged past 34% in recent Thursday trading after the company reported Q3 earnings late Wednesday.

$MercadoLibre (MELI.US)$ shares were down nearly 16% in recent trading Thursday after the company reported late Wednesday Q3 net income that missed analysts' expectations.

Shares of $IonQ Inc (IONQ.US)$ jumped Thursday after the company acquired quantum networking company Qubitekk and topped analysts' estimates in the third quarter.

$Warner Bros Discovery (WBD.US)$ stock climbed 13%, the highest on the S&P 500, with its first quarterly profit in more than two years, according to WSJ, after it posted better-than-expected growth in streaming subscribers.

$Trump Media & Technology (DJT.US)$ fell 20% right after the market opened after climbing 25% the day after Former President Trump won the U.S. election.

$Lyft Inc (LYFT.US)$ climbed nearly 30% after the ride-hailing app posted earnings raised its outlook, and reported double-digit gains in ridership and revenues in its latest quarter. Gross bookings rose 16% to $4.12 billion in the last three months as the app's number of active users rose to 24.4 million. Analysts polled by FactSet had expected $4.08 billion in bookings, while the number of riders aligned with estimates.

$Airbnb (ABNB.US)$ shares jumped more than 8% in extended trading Thursday after the company gave a fourth quarter outlook for bookings growth that surpassed Bloomberg consensus.