。

Trading Day: Nvidia booms, Fed cools on easing.Wall Street was mixed on Wednesday after the Federal Reserve lowered interest rates but signaled a cut in December was in the balance, while Nvidia became the world's first $5 trillion company. Investors now turn their attention to Thursday's meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

investigation Live Americas外汇新闻报道10月29日美联储降息，但鲍威尔表示12月即将到来。美联储将基准利率下调25个基点，至3.75%-4.00%的目标区间，标志着其逐步宽松周期的最新一步。这一决定虽然被广泛预期，但却出现了罕见的分歧：美联储理事Miran反对进一步降息50个基点，而堪萨斯城联储主席施密德则完全不希望改变。

investingLive Americas FX news wrap 29 Oct Fed cuts but Powell says Dec is up in the air.The Federal Reserve cut its benchmark interest rate by 25 basis points to a target range of 3.75%–4.00%, marking the latest step in its gradual easing cycle. The decision, while widely expected, came with a rare split: Fed Governor Miran dissented in favor of a deeper 50-basis-point cut, while Kansas City Fed President Schmid preferred no change at all.

美国股市周三涨跌互现，此前美联储主席杰罗姆·鲍威尔警告称，12月降息并非板上钉钉。标准普尔500指数收盘上涨0.2%，纳斯达克指数上涨1%，均创下新纪录，而道琼斯指数从历史高点下跌约30点。市场最初因美联储降息25个基点和12月结束资产负债表决选的决定而反弹，但鲍威尔的警告推高了收益率并削减了涨幅。Mega-cap科技领涨，Nvidia上涨3.6%，在有报道称特朗普总统可能允许Blackwell芯片出口到中国后，市值短暂突破5万亿美元，而博通、AMD和美光均上涨超过2%。周期性和防御性口袋滞后，消费者防御性股票和医疗保健面临压力。公司特定收益提供了抵消支撑，卡特彼勒、威瑞森、CVS Health和Fiserv因强劲业绩而跃升，微软、Alphabet和Meta将在钟声响起后公布。

US stocks finished mixed on Wednesday after Fed Chair Jerome Powell warned a December rate cut is not a foregone conclusion. The S&P 500 closed up 0.2% and the Nasdaq gained 1% with both setting fresh records, while the Dow slipped about 30 points from its record high. Markets initially rallied on the Fed’s 25bps cut and the decision to end balance sheet runoff in December, but Powell’s caveat pushed yields higher and trimmed the advance. Mega cap tech led the move, Nvidia rose 3.6% and briefly crossed a $5 trillion market cap after reports President Trump may allow Blackwell chip exports to China, while Broadcom, AMD and Micron each climbed more than 2%. Cyclical and defensive pockets lagged, with consumer defensive stocks and healthcare under pressure. Company specific earnings provided offsetting support, as Caterpillar, Verizon, CVS Health and Fiserv jumped on strong results, and Microsoft, Alphabet and Meta were set to report after the bell.

美联储降息后，美元反弹，国债收益率上升。12月并非板上钉钉，因为再次降息是今天会议的主要收获。尽管美联储再次降息并宣布QT结束，但鲍威尔拒绝在下次会议上承诺甚至倾向于再次降息，这似乎是今天利率决定的重点。

USD Rallies, Treasury Yields Up After Fed Cuts Rates.December is not a foregone conclusion for another rate cut is the main takeaway from today's meeting. Despite the Fed cutting rates again and announcing the end of QT, Powell's refusal to commit or even lean into another rate cut at their next meeting seems to be the big item from today's rate decision.