Bloomberg Money Minute: Fed Rate Cut, Microsoft Outage, Nvidia's $5 Trillion Valuation

Major Cloud Computing Outages

• ☁️ Microsoft's Azure unit experienced a significant outage, impacting services for companies like Starbucks, Alaska Airlines, and Kroger, as well as Microsoft's own services.
• ⚠️ This follows a similar cloud computing breakdown at Amazon's unit the previous week, disrupting hundreds of businesses.

Federal Reserve Interest Rate Decision

• 📉 The Federal Reserve has lowered interest rates by a quarter percent, citing a softening U.S. job market and persistent high inflation.
• ❓ Policymakers indicated there is no guarantee of further rate cuts in December, leading to market dissatisfaction.

Market Performance and Key Stock Movements

• 📊 The Dow Jones Industrial Average closed down 74 points following the Fed's announcement.
• 📈 In contrast, the Nasdaq Composite reached a new record high, driven by a more than 3% surge in shares of AI chip maker Nvidia.
• 💰 Nvidia's stock performance propelled its valuation to over $5 trillion, a first for the company.
• 📉 The S&P 500 closed down a fraction.
• ⚠️ Shares of Fiserv (mistakenly referred to as Pfizer in transcript) plunged 44% after the financial services company revised its full-year outlook and underwent management changes.