US Markets Mostly Lower Following Fed's Rate Cut

On Thursday, major stock markets closed mostly lower as investors struggled to regain confidence following the Federal Reserve's decision to implement a 25-basis-point rate cut, bringing rates down to a range of 4.25%-4.50%. The Fed also hinted at the possibility of only two additional rate reductions in 2025.

In economic news, the United States' real gross domestic product (GDP) grew at an annual rate of 3.1% in the third quarter of 2024, according to the Bureau of Economic Analysis (BEA). This growth rate reflects a modest expansion, which may have contributed to the market's mixed reaction.

Meanwhile, the euro remained flat against the dollar, trading at $1.03678 at 3:59 pm ET. As the market continues to digest these economic indicators, further developments are anticipated in the coming days.