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.

Wall Street indexes hit record highs following the Federal Reserve's interest rate cuts, sparking investor enthusiasm. Global markets also saw gains, and longer-term Treasury yields rose. Megacap tech stocks and smaller companies benefited,

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.