Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

While the economy doesn’t seem in obvious need of stimulus, there are signs of a weakening trend. The three-month average gain in non-farm payrolls stands at the lowest since 2020 and gauges of factory output have slipped.

Wall Street surged with the S&P 500 reaching an intraday record high after the Federal Reserve's rate cut decision. Tech stocks led the gains, with major companies like Microsoft, Tesla, and Apple surging.