Tech stocks extend post-election rally on anticipated Federal Reserve rate cut

S&P 500: 5,973.10 (+0.7%)
DJIA: 43,729.34 (-0.0%)
Nasdaq-100: 21,101.57 (+1.5%)
Eurostoxx: 4,851.96 (+1.1%)
U.S. crude futures: 72.36 (+0.9%)

Overnight, Wall Street extended its post-election rally on the back of the anticipated interest rate cut by the Federal Reserve; the 25bps rate cut was announced later in the evening, bringing its target range to 4.5%-4.75%. Tech stocks led the surge on Thursday, bringing the S&P 500 and Nasdaq-100 to new record closes, closing 0.7% and 1.5% higher respectively. Meanwhile, bank stocks pulled back, giving back some gains from Wednesday, weighing on the Dow Jones which closed flat.

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