Wall Street Today | FOMC Cuts Bring Spiking Highs

The market spiked to all-time highs after the FOMC announced they would cut the target Fed Funds rate by 50 basis points. It is the first rate cut since 2020, and after the spike, indexes and equities fell for the day.

At around 2:02 pm ET, the S&P 500 and Dow spiked to an all-time high, 7300 equities climbed, and Gold to USD $XAU/USD (XAUUSD.CFD)$ hit an all-time high past $2,597/troy ounce.

Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded lower by 29 bps, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.25%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.31%.

Gold hit a new all-time intraday high Wednesday after the Federal Reserve cut its benchmark interest rate for the first time in four years. $XAU/USD (XAUUSD.CFD)$ rose to $2,600 at its intraday height at 2:35 pm ET.

Shares of $Intuitive Machines (LUNR.US)$ are skyrocketing as much as 58% Wednesday, lifted by the award of a NASA contract that could be worth up to $4.82 billion. Late Tuesday, Intuitive Machines announced that NASA had awarded the company the Near Space Network contract for communication and navigation services for missions in the near-space region, which extends from Earth's surface to beyond the Moon.

$ResMed (RMD.US)$ fell nearly 8% at open Wednesday after a downgrade from Wolfe Research to $180. The medical device firm may face competition on sleep apnea from a recently FDA-approved Apple watch sleep apnea service that will launch with the new Apple watch this month, according to a press release Monday.

$Applied Therapeutics (APLT.US)$ jumped 71% Wednesday morning, one of the highest on the market, over $1B in market cap, after their genetic disorder treatment completed a late-cycle review meeting with the FDA.

$Crude Oil Futures(FEB5) (CLmain.US)$ fell slightly after climbing Tuesday on news of explosions in Lebanon.

$Bitcoin (BTC.CC)$ fell back below $60k.

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