Stock market today: Nasdaq clinches record, Dow, S&P 500 dip as Fed cuts rates, Powell downplays December cut
Update: 2025-10-30
Description
On October 29th, US stocks had a mixed performance following the Federal Reserve's second interest rate cut this year. The S and P five hundred ended slightly lower, while the Nasdaq hit a new high. The Dow slipped by two-tenths of a percent. Despite the rate cut, Fed Chair Jerome Powell hinted that a December cut is not guaranteed due to lack of economic data from the ongoing government shutdown. Tech stocks, however, stole the show as Nvidia's shares soared to a record high, reaching a market value of over five trillion dollars, following President Trump's hints of addressing Nvidia's Blackwell AI processors in talks with China's Xi Jinping. With quarterly earnings from tech giants around the corner and the Federal Reserve signaling uncertainty, this week is pivotal for Wall Street.
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