Fed cuts rates for 1st time this year
The Federal Reserve just made its first interest rate cut of the year, and Wall Street didn't all move in the same direction.
The S&P 500 slipped a bit and the Nasdaq dropped too, because a handful of major big tech stocks, including NVIDIA and Broadcom, fell.
Meanwhile, the Dow actually climbed higher.
Lyft and Workday soar as small firms help
Investors saw this rate cut coming, and there might be more on the way as the Fed tries to boost growth with rates possibly dropping to around 3.25-3.50% by the end of next year.
Companies that benefit from cheaper borrowing—like Lyft (up nearly 12%) and Workday (up almost 7%)—got a lift, while smaller firms helped push up the Russell 2000 index by 1%.
But tech giants struggled, reminding everyone that even good news for some can mean losses for others.