Nasdaq-100 and S&P 500 futures showed weakness following the FOMC meeting, with the Nasdaq-100 futures being particularly affected by a more than 11% drop in Meta stock due to concerns over AI spending. The Russell and Dow, however, were trading positively. The Federal Reserve cut rates by 25 basis points and announced the conclusion of quantitative tightening starting December 1st, though Chairman Powell did not assure a December cut. The rate cut was not unanimous, with Governor Stephen Miller favoring a 50 basis point cut and Kansas City Fed President Jeffrey Schmidt opposing any cut, citing inflation. German and Eurozone GDP, along with German inflation, were stronger than anticipated. Gold futures turned positive, and Silver futures were up 1.2%, while Copper futures and WTI Crude Oil futures were lower. The dollar was slightly stronger, and 10-Year U.S. Treasury yields rose. The Bank of Japan and the ECB both held rates unchanged.
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