Stock market today: Dow surges, S&P 500 rallies near record as Fed cuts rates, Powell offers no 'surprises'

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• Gold is 'overbought but underinvested' with more room to grow

  80% confidence

• Powell expressed confidence about the trajectory of inflation and growth in the US economy

  80% confidence

• Powell touted the US economy's strength, including in AI-related growth

  80% confidence

• Chewy continues to outperform the pet category and expand market share, with profits once again growing faster than sales

  80% confidence

• The Fed is well-positioned to see how the economy evolves

  80% confidence

• There were no 'surprises' from Powell's press conference

  80% confidence

• The premium paid for copper in the U.S. is impacting already low global inventories and placing upward pressure on global copper prices

  80% confidence

• Ongoing supply disruptions and the repositioning of copper to the U.S. ahead of potential policy changes are impacting an already tight copper market

  80% confidence

• The view has been that Chewy's gross margin has limited upside going forward. While the scaling of its sponsored ad initiative has been a meaningful gross margin driver, this trend needs to continue for the company to see the same magnitude of GM gains.

  80% confidence

• Gold bull markets don't normally come to an end because they're overbought. They normally come to an end because the underlying conditions that triggered a bull market have subsided, but we don't see that.

  80% confidence

• If gold demand continues to grow at around 14% (the average rate since 2001), the precious metal is likely to crack $5,000 per ounce in 2026

  80% confidence

• Central banks hold more gold than US Treasurys for the first time since at least the 1990s

  80% confidence

• No one on the FOMC is thinking of hiking rates

  80% confidence

• Powell acknowledged the 'tension' in the central bank's dual mandate

  80% confidence

• President Trump's tariffs were the reason for an 'overshoot' of the Fed's inflation target and were still likely to represent a 'one-time' price increase

  80% confidence

• It's a bit of a relief given that the Fed decision could have been even more hawkish. Markets are taking this with a grain of salt, knowing that next year will bring a lot of changes when it comes to the Fed.

  80% confidence