TLDR

MARKET RECAP → Stocks closed lower Wednesday after the Fed cut interest rates for the first time in over four years. Stocks fell more acutely during Fed Chair Jerome Powell’s press conference, which started at 2:30 pm ET … suggesting his comments left investors uneasy about the health of the US economy.

FED CUTS RATES FOR FIRST TIME IN 4 YEARS → The Fed cut interest rates by 50 basis points, or half a percentage point, to 4.75%, its first reduction since the pandemic. 💼 Traders expected this move as inflation cooled, with more cuts likely by year-end to ease borrowing costs.

INTUITIVE MACHINES WINS $4.8B NASA CONTRACT → Intuitive Machines won a $4.82 billion NASA contract to develop lunar communications for the Artemis missions. 🚀 The stock jumped nearly 40%, showing investor excitement for the company's growing role in space exploration.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Fed Cuts Rates for First Time in Four Years

💼 The Federal Reserve cut its key interest rate by 0.50% to 4.75-5%, marking its first rate reduction since the pandemic. This move comes as inflation cools and economic growth moderates, signaling the Fed’s focus on maintaining stability.

📊 Traders had anticipated the cut, with market confidence growing after recent economic data showed inflation easing. The Fed also hinted at additional rate cuts by the end of the year, potentially lowering rates by another half percentage point.

📉 Wall Street reacted with caution as the S&P 500 (VOO) and Dow Jones (DIA) slipped slightly before the Fed's decision, reflecting investor jitters over the magnitude of the cut. However, the move offers relief to borrowers with lower rates expected on loans and mortgages.

TODAY’S TOP NEWS

Intuitive Machines Wins $4.8B Nasa Contract

🚀 Intuitive Machines secured a NASA contract worth up to $4.82 billion to build communication and navigation services for lunar missions, marking a major milestone in space exploration.

🌕 The company will deploy a satellite constellation supporting NASA’s Artemis program, enhancing data transmission and enabling autonomous lunar operations.

📈 Following the news, Intuitive Machines’ stock soared by almost 40%, reflecting investor confidence in its growing leadership in the space communications sector​.

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