U.S. stocks shot higher on Wednesday after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years. Citing a "greater confidence" that inflation is moving towards the central bank's 2% target,

"This would be the third time that stocks entered a cycle where annual returns compound at high teens," Fundstrat's Tom Lee said.

Weekly active user growth, revenue growth, and adjusted EBITDA margin growth all accelerated in the second quarter. After a few years of unimpressive performance, Nextdoor is projecting 11% year-over-year revenue growth for 2024, as well as an adjusted EBITDA loss that is less than half of 2023's.