Pre-Market Report – Thursday 19 September: Fed cuts by 50bps | US markets fall

The Dow Jones Industrial Average slid 103.08 points, or 0.25%, to end the day at 41,503.10. It was up as much as 375.79 points just after the Fed decision.

The S&P 500 lost 0.29% and closed at 5,618.26. The Nasdaq Composite dropped 0.31% to 17,573.30. The S&P 500 and the Dow both touched records initially before falling back.

The Fed lowered its overnight lending rate to a range of 4.75% to 5.00% from 5.25% to 5.5%, the first rate cut in four years as inflation levels ease from the levels seen two years ago.

ASX SPI Futures down 39 points

COMMODITIES

• Barrick Gold suspends operations at Papua New Guinea mine after violence kills at least 20
• US decision on Nippon bid for US Steel pushed back to after Nov election, sources say
• Gold retreats as dollar, yields climb after Fed's Powell comments
• US crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose
• Copper creeps higher ahead of expected US rate cut
• Iron ore posts steepest daily fall in nearly two years

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