Wall Street rallies on hopes of Federal Reserve rate cut

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Wall Street rallies on hopes of Federal Reserve rate cut

In a day of major market moves, Wall Street soared on Tuesday amid hopes of an interest rate cut by the US Federal Reserve as tech giants led the charge. The Dow Jones jumped over 400 points, while the Nasdaq surged by 2.4%, driven by tech giants like Nvidia, Microsoft, and Apple. The S&P 500 climbed 1.7%, now less than 5% below its July record high. Meanwhile, Starbucks stunned the market by replacing CEO Laxman Narasimhan with Chipotle's Brian Niccol, boosting Starbucks' stock by over 24%. Narasimhan's immediate departure follows struggles in key markets like the US and China. Wall Street is optimistic about Niccol's potential to turn the company around. Despite beating quarterly expectations, Home Depot lowered its full-year sales forecast due to weak demand and high interest rates. The retailer projects a comparable sales decline of 3% to 4% as economic uncertainty weighs on consumer spending, with many delaying home improvement projects. Google introduced new AI features, including the Gemini assistant, aiming to outpace Apple in the AI race. The enhancements are part of Google's strategy to grow its AI subscription service, with the Pixel 9 series phones showcasing advanced AI capabilities through upgraded hardware.