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Stock market today: Asian markets forge higher after Fed's first rate cut in over 4 years

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Asian markets have forged higher after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates. Japan's Nikkei 225 index jumped 2.5% and the Japanese yen weakened against the dollar. On Wednesday, the S&P 500 slipped 0.3% but it remains within 1% of its all-time high set in July.

Currency traders work near a screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 19, 2024. Trader Leon Montana works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024.

“Markets barely reacted to the Fed’s 50 rate cut, on balance, and our base case is that further cuts won’t move the needle too much either,” Thomas Mathews of Capital Economics said in a commentary.Stock market today: Wall Street stays stuck in place as it counts down to a rate cutIt was the first cut to the federal funds rate in over four years, ending a stretch where the Fed kept rates at a two-decade high to slow the U.S. economy enough to stifle the worst inflation in generations.

“The time to support the labor market is when it’s strong and not when you begin to see the layoffs,” Fed Chair Jerome Powell said. “That’s the situation we’re in.” “The focus has now decisively shifted to the labor market, and there’s a sense that the Fed is trying to strike a better balance between jobs and inflation,” Stephen Innes of SPI Asset Management

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