Right after the FOMC announced they would cut the target  Fed Funds rate, the market spiked to all-time highs. The S&P 500 and Dow spiked to an all-time high, 7300 equities climbed after a slow morning, and Gold to USD $XAU/USD (XAUUSD.CFD)$ hit an all-time high past $2,597/troy ounce.

Just past 2:18 pm ET the     $S&P 500 Index (.SPX.US)$ traded +55 bps, the        $Dow Jones Industrial Average (.DJI.US)$ climbed 0.84, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 0.80%.

The Federal Open Market Committee lowered the target Federal Funds rate 50 basis points, citing the progress in inflation and slowing job gains. Policymakers took the rate to a range of 4.75 to 5%, noting that the committee has gained greater confidence that inflation is moving sustainably toward 2%.

At the same time, the Fed's so-called dot plot showed policymakers forecast the median key interest rate ending 2024 at 4.4%, before declining to 3.4% by the close of next year. At 2:30, Fed Chairman Jerome Powell will address reporters at a press conference. Click the link below to watch the event live on moomoo.

Futures numbers tracked by CME FedWatch tool expected a 50 bp cut. Based on the Fed's dot plot of rate expectations, they put a midpoint at about 4.4%, meaning a range of about 4.20%-4.60%, or 25 bps for the next two meetings.

Tuesday, U.S. August retail numbers came out from the Census Beuro and showed the total value of retail sales increased 0.1% month over month, and 'core' sales excluding food services, auto, building materials, and gasoline.

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Yesterday, users were unsure how rate cuts would really affect their investments.

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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