News Summary

• U.S. Federal Reserve Chair Jerome Powell bifurcated the stock market yesterday.
• He delivered a 0.25% rate cut that the market was expecting and then, unexpectedly, said he did not believe that the AI sector was in a bubble.
• The broad index of large-cap companies in the S&P 500 closed flat, but the tech-heavy Nasdaq 100 rose 0.55%.
• Tech stocks were led by Nvidia, which was up 3%, and now has a market cap of more than $5 trillion.