S&P 500 finishes flat on December rate cut doubts, but tech bolsters Nasdaq-100

The Federal Reserve delivered its second rate cut of 2025 as expected, taking its policy rate down 25 basis points to a range of 3.75% to 4%. Officials also said they plan to stop reducing the size of their balance sheet as of December 1.

Your Evening Briefing October 29, 2025 S&P 500 finishes flat on December rate cut doubts, but tech bolsters Nasdaq-100 The Federal Reserve delivered its second rate cut of 2025 as expected, taking its policy rate down 25 basis points to a range of 3.75% to 4%. Officials also said they plan to stop reducing the size of their balance sheet as of December 1. Stocks were little changed in the wake of this announcement, but fell during the press conference when Fed Chair Jerome Powell said that there were strongly differing views on whether or not to cut interest rates again in December, and that another reduction is "far from" a foregone conclusion. The S&P 500 fell on his comments before finishing flat, while the Russell 2000 sank over 1%. Tech was the best-performing sector ETF, lifting the Nasdaq-100 to a new record close, buoyed by Nvidia and Broadcom. Stocks that moved higher: Nvidia became the first $5 trillion company following yesterday's announcement that orders for Nvidia's Blackwell and early Rubin chips were above $500 billion through 2026. Better-than-expected earnings after the close yesterday kicked off a giant rally in Bloom Energy. Hard disk drive maker Seagate Technology Holdings, one of the top-performing stocks in the S&P 500 this year, was up big after reporting better-than-expected results for its fiscal first quarter on Tuesday after the close. Caterpillar jumped after the construction equipment giant delivered strong third-quarter results and an upbeat full-year outlook. Joby Aviation took off after the electric air taxi company announced that it's partnering with Nvidia to enhance its autonomous flight technology. Teradyne rocketed higher after the semiconductor manufacturing company reported better-than-expected Q3 results and bumped its outlook for the rest of the year. Shares of streamer FuboTV rose after Disney announced it completed its majority stake acquisition of the company. Uber ticked higher after the company set the Bay Area as the first market for their planned robotaxi fleet. Applied Digital rose as Needham & Co. analyst John Todaro wrote a bullish note on the Nvidia-backed data center upstart's ability to secure energy to expand its operations. Micron was lifted by a robust outlook from SK Hynix, its South Korean rival. Stocks that moved lower: Shares of Etsy fell after the online marketplace announced a leadership transition and posted some disappointing Q3 results. Boeing posted an adjusted loss that was significantly deeper than Wall Street estimates. The loss primarily reflects a steep charge from the certification delay of the frequently delayed 777X. Mondelez, the company behind Oreo, Ritz, and Cadbury, fell after slashing its annual profit guidance, citing softer European and US demand and soaring cocoa prices. CoreWeave's attempt to buy Core Scientific is going down in flames The last time CoreWeave tried to buy Core Scientific, management didn't approve. This time, it looks like shareholders don't. Read more. It turns out Tesla's Cybercab might need to have a steering wheel and pedals after all Tesla's Cybercab was supposed to be a steering-wheel-less alternative to its affordable mass market car. Read more. POST-MARKET MOVE (Klaudia Radecka/Getty Images) Google earnings and revenue blow past Wall Street's expectations Google posted fiscal third-quarter earnings that surpassed Wall Street's expectations, helped by big growth in its Google Cloud business. For the quarter, the search giant's parent company, Alphabet, reported earnings per share of $2.87, compared with FactSet analyst estimates of $2.26. Alphabet posted $102.3 billion in revenue. Analysts were expecting revenue of $99.9 billion. Read more. Hims to begin selling GLP-1 microdosing treatments The company reports earnings results next Monday. Eli Lilly strikes deal with Walmart to distribute cash-pay Zepbound vials Going more directly to consumers — bypassing wholesalers and insurers — allows Lilly and Novo to sell the drugs for roughly half the list price. The US obesity rate keeps declining, but diabetes cases have hit a new high New findings from a long-running Gallup study also showed a rapid increase in the number of Americans using GLP-1s. 21Shares files for hyperliquid ETF amid HYPE's seven-day rally Wall Street shouldn't overlook hyperliquid, the network primarily known for on-chain perpetuals trading, according to an Artemis data scientist. Grayscale launches solana ETF, a day after Bitwise's record-breaking ETF launch Bitwise's BSOL recorded the highest day 1 trading volume of any launch this year, per Bloomberg's Eric Balchunas. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025