The Fed’s updated outlook for the economy indicates the central bank expects earlier relief for consumers and businesses, and equities will react well to its 50-basis-point rate cut, Truist Securities said in a note Thursday.

By Saqib Iqbal Ahmed, Suzanne McGee and Carolina Mandl NEW YORK (Reuters) -An initial muted market reaction following the Federal Reserve’s first rate cut in four years gave way to a surge in U.S. stocks as uncertainty ebbed and investors digested the implications of easing monetary policy.

Tech stocks are jumping in the wake of Wednesday's rate cut by the Federal Reserve, with all of the Magnificent 7 stocks on the rise.