Stock Market Today: S&P 500 rallies as Fed signals September cut in play

notched its biggest gain since February on Wednesday, as the Federal Reserve kept rates unchanged, though signaled that it that potential cut in September was on the table.The Federal Reserve left interest rates unchanged Wednesday, but acknowledged recent progress on inflation and cooling in the labor market, stoking investor hopes that the central bank could begin cutting rates sooner rather than later.

Futures are almost fully pricing for a quarter-point easing in September, with a small chance of a reduction of 50 basis points, and have 66 basis points of easing priced in by Christmas.) gained 5% after the chipmaker reported better-than-expected Q2 results, underpinned by record data center revenue as customers including Meta and Microsoft continued to ramp up orders.

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