"The bond market was also relatively steady as the countdown ticked to the announcement from the Fed. The widespread expectation is that it will announce the second cut of the year to its main interest rate in hopes of helping the slowing job market. More important will be whether the Fed gives hints about another cut to rates in December and beyond. Wall Street is banking on it."
"Caterpillar rallied 12% after reporting stronger profit and revenue for the latest quarter than analysts expected. CEO Joe Creed said Caterpillar saw resilient demand, as customers bought more equipment, even with a "dynamic environment." Teradyne soared 14.6% after the company, which makes automated test equipment and advanced robotics systems, likewise reported a stronger profit than analysts expected. CEO Greg Smith credited strength related to artificial-intelligence applications and said " AI-related test demand remains robust.""
U.S. stocks climbed toward more record highs as traders awaited the Federal Reserve's afternoon decision on interest rates. The S&P 500 rose 0.3%, the Dow gained 231 points, and the Nasdaq increased 0.6%, with all three indexes near recent all-time highs. Bond markets stayed relatively steady amid expectations of a second rate cut this year and hopes for guidance about further cuts in December and beyond. Major companies reported quarterly results, with Caterpillar, Teradyne and Nvidia delivering stronger profits that buoyed markets while Fiserv plunged after reporting weaker profit.
Read at Fast Company
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