Pre-market surge in US stocks, NVIDIA up nearly 3%, NASDAQ futures up 1.8%
S&P 500 index futures rose 1.3% to a new high before the market opened, with Tesla and TSMC up about 2.5%, while Apple, Google, and Microsoft rose by over 1.5%
Overnight, the Federal Reserve announced a 50 basis point rate cut, causing assets such as US stocks, gold, and US Treasuries to surge initially. However, Powell's speech leaned slightly hawkish, leading to US stocks erasing all gains and closing lower.
In pre-market trading, US stocks surged, with Nasdaq futures rising over 1.8% and S&P 500 futures up 1.3%, hitting new highs.
Nasdaq futures market:
Major tech stocks also saw significant gains, with NVIDIA up nearly 3%, Tesla and TSMC up around 2.5%, and Apple, Google, and Microsoft up over 1.5%.
Due to the Fed rate cut, Asian stock markets rose, with Hong Kong and Japanese stocks up over 2% and the Shanghai Composite up nearly 0.7%.
Overnight, the Federal Open Market Committee voted 11-1 to lower the benchmark interest rate from the 20-year high of 5.25%-5.5% to the range of 4.75%-5%, marking the first rate cut since the outbreak of the pandemic and officially beginning the rate-cutting cycle