The major US stock indices are ripping to the upside after the after the Fed recalibrated rates by 50 basis points and projects two more 25 bp cuts before the end of the year.

A snapshot of the market eight minutes into the open is showing:

• Dow industrial average up 536.75 points or 1.29% at 4239.85. The index is on pace for a record high close today
• S&P index is up 87.38 points or 1.56% at 5705.64. That is also a pace for a new record.
• NASDAQ index is up 399.31 points or 2.27% at 17972.61.

The small-cap Russell 2000 is up 25.27 points or 2.05% at 2251.61. The high close for the year is at 2263.67.

Some big winners today include:

• Dell +3.09%
• Nvidia +5.01%
• SMCI was 3.83%
• Meta Platform +2.25%
• Apple +2.66%
• CrowdedStrike +3.42%
• Paypal, +3.71%
• AMD + +3.45%
• Arm Holding +4.21%
• Tesla +3.88%

Meanwhile US yields are higher after initial jobless claims showed continued solid employment trends:

• 2-year yield 3.619%, +10.6 basis points
• 5 year yield 3.518%, +5.4 basis points
• 10 year yield 3.752%, +6.6 basis points
• 30 year yield 4.082%, +7.5 basis points

This article was written by Greg Michalowski at www.forexlive.com.