The U.S. Federal Reserve's quarter-point interest rate cut was expected, but the forecasted reduction for next year to half a point led to a sharp decline in major U.S. stock indices. The Dow Jones Industrial Average fell by 485 points, or 1.1%, to 42,964 points, marking its tenth consecutive drop. The Nasdaq Composite dropped over 1%, slipping below the 20,000-point mark, while the S&P 500 lost 78 points, or 1.3%, closing at 5,970 points. Meanwhile, the Nasdaq plunged 319 points, or 1.6%, to 19,789 points.
Tesla (TSLA, Financial) shares fell by 4%, Microsoft (MSFT) declined by over 1%, and Apple (AAPL) dropped just under 1%. In contrast, NVIDIA (NVDA) defied the trend, rising over 2%.
