Markets React to Fed Rate Cuts and CEO Appointments: An Eventful Week on Wall Street

Wall Street saw a mixed open as investors reacted to a recent Fed rate cut and several corporate developments. The S&P 500 hit a record high, while the Dow surpassed 42,000 points. The Fed is expected to cut rates further in November and December amid steady economic growth. Major moves included FedEx, Nike, and Trump Media & Technology shares.

Wall Street experienced a mixed opening on Friday as investor sentiment was shaped by a recent oversized interest rate cut by the Federal Reserve and notable corporate developments. The S&P 500 recorded its eighth gain in nine sessions and reached an all-time high, while the Dow surpassed the 42,000-point level.

Risk appetite was buoyed earlier in the week when the Fed initiated its easing cycle with a significant 50-basis-point cut, promising more reductions ahead. Market expectations suggest further rate cuts in November and December, as indicated by both the CME Group's FedWatch tool and a Reuters poll of economists.

Among significant corporate movements, FedEx plummeted 13.2% following a disappointing earnings report and a lowered full-year forecast. Conversely, Nike saw a 7.8% surge after announcing the appointment of a new CEO. Meanwhile, Trump Media & Technology shares dropped 5.2% post lock-up period expiration, allowing insiders to sell the stock.

(With inputs from agencies.)