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The Fed delivered its third straight and highly anticipated rate cut, trimming the fed funds target range by 25 basis points to 3.50%–3.75%, but the details of the meeting told a more complicated story.
The meeting was deeply divided. Governor Stephen Miran favored a larger cut, while Kansas City Fed President Jeffrey Schmid and Chicago Fed President Austan Goolsbee voted to keep rates unchanged.
Fed Chair Jerome Powell signaled the easing cycle may now be put on hold, stressing the need to assess how the economy responds to cumulative rate cuts. In practical terms, markets are now priced in a very low probability of another cut in January unless labor market conditions deteriorate materially.
Wall Street responded with a pronounced sector rotation. Investors moved into rate-sensitive areas of the market while trimming exposure to technology stocks. The Dow Jones Industrial Average and the small-cap Russell 2000, both light on tech weight, climbed to fresh record highs.
Sentiment around artificial intelligence stocks cooled again after Oracle Corp. (NYSE:ORCL) reported earnings, raising fresh investor concerns.
Oracle shares fell roughly 13% over the week, marking their worst weekly performance since March 2018, as investors focused on rising capital expenditures tied to AI data centers and a potentially higher debt burden.
Even the chip giant Broadcom Inc. (NASDAQ:AVGO), up nearly 80% this year and fresh off an earnings beat, sold off sharply on Friday as investors reconsidered how much capital intensity they're willing to tolerate.
The race to acquire Warner Bros. Discovery Inc. (NASDAQ:WBD) took an unexpected turn. Paramount Skydance Corp. (NASDAQ:PSKY) launched a hostile $30-per-share tender offer, surpassing Netflix Inc. (NASDAQ:NFLX)'s agreed $27-per-share bid.
Paramount's move bypassed Warner Bros. Discovery's board and appeals directly to shareholders, raising the stakes in what is becoming one of the most consequential consolidation battles in global media.
Meanwhile, the rally in precious metals continued to defy gravity.
Silver grabbed headlines this week, surging to record highs near $64 an ounce, up almost 120% year-to-date and on track for its strongest annual performance since 1979. Shares of gold and silver miners outperformed every major industry group on Wall Street.
In autos, Michigan-based stocks continued their strong rally momentum. General Motors Co. (NYSE:GM) climbed to new highs near $81 per share, extending a roughly 50% gain over the past two months. Ford Motor Co. (NYSE:F) also ended the week higher, rising about 6% to roughly $13.80.
By the end of the week, the takeaway felt clear. The market is no longer trading as if tech and AI are the only games in town.
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Image created using artificial intelligence via Gemini.
