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By Alexandra Semenova
US equities jumped Thursday as a risk-on sentiment permeated Wall Street after the Federal Reserve delivered its first interest rate cut this year and signaled more ahead.
The S&P 500 Index climbed 0.3% at 9:42 a.m. in New York, while the technology-heavy Nasdaq 100 Index rose 0.7%, led by gains across behemoths Nvidia Corp. and Tesla Inc.
US central bank officials lowered their benchmark interest rate by a quarter percentage point and penciled in two more reductions this year. Chair Jerome Powell pointed to growing signs of weakness in the labor market after holding borrowing costs steady since December due to concerns over tariff-driven inflation.
Thursday’s gains across US stocks mark a reversal from traders’ initial reaction to the Fed decision in the previous session, which saw Wall Street take profits in high-flying technology stocks.
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“The Federal Reserve is cutting interest rates during a time when stocks are at record highs and the economy is still growing, which is a very unique backdrop, as Fed cuts are typically associated with a problematic economy,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management, in an email. “This dynamic is bullish for stocks.”
Initial applications for jobless benefits in the US dropped by the most in nearly four years, reversing an unusually large jump in the prior week and consistent with low levels of layoffs in the economy. Applications for unemployment insurance fell by 33,000 to 231,000 in the week ended Sept. 13, according to Labor Department data released Thursday.
Nvidia agreed to invest $5 billion in Intel Corp. and said the two will co-develop chips for PCs and data centers, a surprise move to help prop up an ailing archrival.
Elsewhere, Micron Technology Inc. extended gains into a record-setting 12th consecutive session ahead of the memory chipmaker’s quarterly earnings update next week. Cracker Barrel Old Country Store Inc. dropped after the restaurant chain’s annual revenue forecast missed estimates. invest $5 billion.
--With assistance from Jessica Menton.
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 "India's benchmark indices rallied on Friday, mirroring gains in global equities, after the latest US economic data allayed fears of recession in the world's biggest economy. The continued buying support from domestic investors added to the market buo")
