The major averages closed mixed with the Dow Jones Industrial Average and S&P 500 reaching new heights following the Federal Reserve interest rate cut the other day. The Dow Jones rose 646 points, or 1.34%, to finish at 48,704. The S&P 500 rose 14 points. The Russell 2000 rose a percent to another new high. The Nasdaq pulled back 60 points led by weakness in Oracle.

Oracle tumbled over 10% after the cloud computing giant disappointing quarterly revenue and raised its spending forecast, heightening concerns about the company’s debt and profitability. The chips followed suit falling as well. Broadcom will report after the close.

Elsewhere, the markets were much stronger. Financials performed well as interest rates ticked lower following the Fed rate cut the other day. The 10-year Treasury yield fell more than a basis point to 4.14%, while the 2-year Treasury yield declined 3 basis points to 3.52%. The 30-year Treasury yield rose a modest one basis point to 4.79%.

In the commodity space, oil and energy stocks were weak. Gold and silver have been the big winners so far after the rate cut. Gold rose 2% while silver rose nearly 5% to new highs. Crypto currencies sold off, but recovered in the afternoon.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.