Contrary to previous years, this September saw an uptick in the markets. Key economic reports leading up to the much-awaited Fed announcement of its first cut in a year gave major indices several 52-week highs.
Today, the markets, which were flat primarily before the decision, except for the Dow Jones Industrial Average, quickly reacted to the announcement.
The S&P 500 gained immediately after the Fed announced 25 basis point cuts in interest rates, but plunged right after and closed 0.10% lower.
Nasdaq continued to slip and closed 0.33% lower, but DJIA emerged a winner, closing 0.57% higher with a new 52-week high that came right after the Fed rate cuts.
As expected, the small-cap index, Russell 2000, was up 0.18% and edged closer to its previous 52-week high post Fed announcement.
Workday emerged as the S&P 500 winner, up 7.2%. The ride-hailing service provider Lyft was another top achiever, gaining 13.1%, while Nvidia continued to slip, down 2.6%.
Top S&P movers of the day
Five S&P 500 stocks making big moves today are:
- Hologic Inc HOLX: +7.8%
- Workday Inc WDAY: +7.2%
- Fox Corp FOXA: +3.0%
- American Express AXP: +2.7%
- First Solar Inc FSLR: +2.7%
The worst-performing five S&P 500 stocks today are:
- Builders FirstSource Inc BLDR: -5.6%
- Uber Technologies Inc UBER: -4.9%
- Mohawk Industries Inc MHK: -4.0%
- Bunge Global SA BG: -3.9%
- Broadcom Inc AVGO: -3.8%
Stocks also worth noting include:
- Nvidia NVDA : -2.6%
- Home Depot HD: -1.0%
- QMMM Holdings QMMM: +23.6%
- Plug Power PLUG: +19.6%
- Baidu BIDU: +11.3%
Nvidia is losing as China withdraws support
The Cyberspace Administration of China (CAC) has banned several prominent technology companies in China from buying from the GPU maker Nvidia to promote its domestic industry, according to a report from Financial Times.
Nvidia’s stock slumped 2.6% today, following reports that several companies had stopped their orders of the chipmaker giant’s RTX Pro 6oooD, a high-end GPU made to fulfil Chinese demands.
More Nvidia:
- Veteran Nvidia analyst drops blunt 4-word message on its future
- 8 Quotes from Nvidia CEO Jensen Huang on what happens next
- Veteran analyst drops surprising twist on Nvidia stock post-earnings
This came after China accused the company of violating its anti-monopoly law and caused it to trade lower on Tuesday.
Nvidia is caught amidst trade tensions between China and the U.S., and China’s workaround to boost its dominance in the artificial intelligence sector.
Related: Nvidia suffers a major blow from China
Nvidia, the leader in semiconductor manufacturing, recently announced a deal to accelerate AI infrastructure in the UK, partnering with Nscale, Coreweave and Microsoft. The collaboration aims to bolster job growth and sustainable economic growth in the UK.
Workday achieves significant investor backing
Workday gained 7.2% after Elliot Investment Management released news of $2 billion stake in the company.
“We believe CEO Carl Eschenbach, CFO Zane Rowe and the entire Workday team have made substantial progress in recent years, positioning Workday as a unique software franchise with industry-leading growth potential, best-in-class customer retention and a proven management team,” the firm noted in an official statement.
Related: Waymo makes major robotaxi decision in key cities
Workday has a market cap of $62.45 billion, currently trading at $233.63; its year-to-date gains were down 9%.
Lyft surges on Waymo robotaxi deal
After Lyft and Waymo, Google’s autonomous ride-hailing service, announced a new partnership, Lyft’s stock surged 13%.
As part of the deal, Waymo will use Lyft to bring its service to Nashville in 2026. Lyft will provide end-to-end fleet management, including infrastructure and depot operations.
By 2026, customers can also book Waymo rides on Lyft, leveraging its existing user base.
Related: Jim Cramer drops blunt 3-word message on TikTok buyers
