Wall Street is in full risk-on mode following the Federal Reserve’s landmark decision to slash interest rates by 50 basis points, signaling further cuts as inflation approaches the central bank’s target.

The S&P 500 and Dow Jones both set fresh record highs during the morning session in New York, buoyed by strong performances from the Magnificent Seven tech giants.

By midday, these elite tech stocks added over $500 billion in market value, boosting their combined market capitalization to $15.9 trillion.

Tesla Inc. TSLA led the rally, surging nearly 7% and hitting a two-month peak, while NVIDIA Corp. NVDA climbed 5%, driving the semiconductor sector higher.

The iShares Semiconductor ETF SOXX jumped 4.6%, fully erasing its losses from September.

The Nasdaq 100 rose 2.9%, on pace for its strongest session in over a month and outperforming other major indices. Small caps joined the rally, with the Russell 2000 index surging 2%.

Commodities rallied across the board: Gold, silver, and copper increased by 1.2%, 3.8%, and 1.8%, respectively. Oil prices, tracked by the United States Oil Fund USO, spiked over 3%.

The bullish sentiment extended to cryptocurrencies, with Bitcoin BTC/USD rising over 2%, poised to close at its highest level since late August.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY was 1.8% higher to $571.52.
• The SPDR Dow Jones Industrial Average DIA rose 1.2% to $421.23.
• The tech-heavy Invesco QQQ Trust Series QQQ rallied 2.8% to $484.99.
• The iShares Russell 2000 ETF IWM rose 1.9% to $223.63.
• The Technology Select Sector SPDR Fund XLK outperformed, up 0.2%. The Utilities Select Sector SPDR Fund XLU lagged, down 0.9%.

• Darden Restaurants Inc. DRI soared 9%, in response to its quarterly earnings and bullish outlook for upcoming quarters.
• Also reacting to earnings reports was FactSet Research Systems Inc. FDS up 5%.
• Companies expected to report earnings after the close include FedEx Corp. FDX and Lennar Corp. LEN.

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Images was created using artificial intelligence DALL-E