Fed rate cut boosts futures as growth stocks lead gains

Federal Reserve Chair Jerome Powell interest rate announcement at the New York Stock Exchange in New York City

A lower interest environment could mean prospects of cheaper operating costs and greater profits for companies that are dependent on credit. Traders now see a 64.2% chance that the central bank will lower interest rates by 25 basis points at its November meeting, as per the CME Group's FedWatch tool. Expectations are that the central bank will trim rates by 72 bps by year-end, as per LSEG data.

However, data going back to 1970 from Evercore ISI showed the S&P 500 has posted an average 14% gain in the six months following the first reduction of a rate-cutting cycle.

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