Stock market today: S&P 500 clinches another record after Fed cuts rates again

Investing.com-- The S&P 500 closed at fresh record highs Thursday, as the post-election rally continued after the Federal Reserve delivered a widely expected rate cut.As many had expected, the Fed cut rates by 25 basis points on Thursday, taking its benchmark rate to a range of 4.5% to 4.75%. The move marked a downshift from the 50 basis point rate cut that kicked off the cutting cycle in September, as incoming economic had mostly surprise to the update.

"Our own base-case assumption remains two additional 25 basis point cuts from the Fed in December and January before pausing at a 4% to 4.25% range for the rest of 2025," RBC said in a Thursday note.) stock gave up early-day gains to trade 2% lower even as the drugmaker reported a surprise net income in the third quarter and announced changes at its leadership team.

Qualcomm gave up the bulk the of gains even after its fiscal Q4 results topped analysts estimates and the chipmaker announced a $15B stock buyback program.

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