Stock Market Today: S&P 500 snaps 7-day win streak as Fed delivers jumbo rate cut

Investing.com -- The S&P 500 snapped an seven-day wining streak in choppy trading Wednesday after the Federal Reserve delivered a larger 50 basis point rate cut, marking the first cut since March 2020.fell 0.3%, or 103 points. Stocks initially surged on the rate cut decision, before swinging wildly to eventually close in the red.

Heading into the decision, markets were split on whether the central bank would deliver a 25bps or 50 bps cut. The central bank also signaled that is expected to deliver two 25bps rate cuts this year, up from a June forecast for just one cut. Today’s announcement is best characterised as a"hawkish 50bps," Capital Economics said in a Wednesday note, noting that the decision to cut by 50bps wasn't unanimous and that the Fed only expects an additional 50 bps of cuts between now and the end of the year.) climbed after Bloomberg News reported that Nippon Steel had won an extension in the review of its $14.1 billion approach for the American steelmaker.

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