Index Ticks Higher as Fed Trims Benchmark Rate

Major U.S. equities indexes ended Thursday mixed as the Federal Reserve concluded its November policy meeting, announcing a widely expected 0.25-percentage-point cut to the benchmark federal funds rate.

The S&P 500 rose 0.7%, notching a record closing high for a second straight session. The Nasdaq also secured a record close, with strength in the communication and technology sectors helping lift the index 1.5%. After fluctuating for much of the session, the Dow ended essentially flat for the day, posting a loss of less than 0.1%.

Epam Systems (EPAM) shares rose 15%, the top performance of any S&P 500 stock on Thursday, after the software engineering firm posted better-than-expected revenue and earnings per share (EPS) for the third quarter. Epam was aided by strong IT spending trends among enterprise clients investing in digital transformation and upgrading their cloud systems. Epam’s CEO also highlighted the recent acquisition of tech consultant NEORIS. The company lifted its full-year sales guidance.

Shares of Viatris (VTRS) added 13.5% following the pharmaceutical company’s third-quarter earnings report. The maker of Xanax beat sales and profit forecasts, boosted by a $133 million revenue contribution from new products. Viatris also highlighted progress on paying down debt and touted the expansion of its portfolio through an exclusive licensing agreement with Lexicon Pharmaceuticals (LXRX) for heart failure, kidney disease, and diabetes treatment sotagliflozin in markets outside the U.S. and Europe.

Although third-quarter revenue from Warner Bros. Discovery (WBD) came in below expectations, the media giant swung to a quarterly profit after posting a loss a year ago, and its shares popped 12%. The company’s Max streaming service added 7.2 million subscribers from the previous quarter, marking its largest-ever quarterly gain. However, revenue slipped year-over-year in Warner Bros. Discovery’s studio division.

Match Group (MTCH) posted better-than-expected net income for the third quarter, but the online dating platform fell short of sales expectations and provided an underwhelming fourth-quarter outlook. Although revenue from Hinge improved year-over-year, the company said Tinder Direct revenue moved lower, reflecting a decline in monthly active users and soft growth in revenue per payer. Match shares tumbled 18% on Thursday, marking the steepest drop in the S&P 500.

Shares of APA Corp. (APA) dropped 11.3% after the oil-and-gas company missed third-quarter profit estimates. Although APA’s oil production for the quarter jumped 23% from a year ago, a decline in oil prices during the period weighed on its results. The exploration and production firm also announced a reduction to its preliminary 2025 capital budget as it adapts to a softer price outlook.

Correction: CVS Health reported its latest results on Wednesday. A section that implied that they reported results today has been deleted.