Has anticipation ever felt quite so anticlimactic?

The US Federal Reserve finally cut interest rates today, for the first time in 2025, and the market… 🥁 drum roll please 🥁… shrugged?

Yes, it all went down about as expected. 25bps cut. Near-unanimous decision. (President Donald Trump’s appointee Stephen Miran was the sole exception.) Measured and obtuse remarks from Fed Chair Jerome Powell.

The only real surprise was sporadic dot-plot projections, which committee members expect only one rate cut in 2026 on average.

So, on the bright side, we’ve got plenty of time to build the excitement back up!

Finally, read to the end for economic history’s latest rhyme…

— Brooks & Cas

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$BABA ( ▲ 2.44% ) Alibaba’s shares jump after it lands a major customer for its AI chips (CNBC)

$Z ( ▲ 2.0% ) Zillow upgraded at Bernstein on growth, rentals and improving margins (Investing.com)

$WDAY ( ▲ 7.25% ) Workday Stock Jumps as Activist Investor Elliott Takes $2B Stake, Praises Management Plan (Investopedia)

$ROIV ( ▲ 7.76% ) Roivant Leaps Into A Profit-Taking Zone, Stoked By Promise In Autoimmune Disease (IBD)

$BIDU ( ▲ 11.34% ) China’s Baidu soars to hit 2-year highs amid positive signs for its AI business (CNBC)

AP: StubHub $STUB ( ▼ 6.38% ) debuted on the NYSE, raising $800M in its $8.6B IPO, but its stock ultimately closed lower.

CNN: US and Chinese negotiators outlined a TikTok deal giving Oracle $ORCL ( ▼ 1.71% ), Andreessen Horowitz, and Silver Lake majority ownership.

Bloomberg: Community committees blocked Caesars $CZR ( ▼ 0.59% ) and Silverstein’s Manhattan casino bids, leaving only one proposal still in contention.

BI: Tesla $TSLA ( ▲ 1.01% ) settled a lawsuit over a 2019 fatal Autopilot crash in California, avoiding a jury trial.

CNBC: Heavy truck sales plunged 15% year-over-year in August, signaling potential recessionary pressures in the U.S. economy.

Bank of America’s $BAC ( ▲ 1.46% ) pick for the next big AI play may raise some eyebrows. Hint: Who knew?

Analyst Robert Ohmes reiterated his Buy rating Walmart $WMT ( ▲ 0.82% ) and raised his price target to $125, nearly 20% above Wednesday’s close. He argued that Walmart is emerging as a leader in “agentic AI,” which is a next-generation technology where AI agents act autonomously to achieve goals, rather than just answer questions.

Ohmes pointed to Walmart’s in-house AI agent, Sparky, which he said is testing well and could soon begin taking autonomous actions. With 180 million customers and both online and in-store reach, he believes Walmart has the scale, data, and partnership potential to lead in “top of funnel” agentic AI commerce.

The analyst also cited Walmart’s broader fundamentals. Two-thirds of the company’s merchandise is produced in the US, providing insulation from tariff risks. A new co-branded credit card with Synchrony may drive membership growth, while younger customers are increasingly drawn to Walmart’s private-label products.

Delivery is another piece of the puzzle. Walmart’s grocery business is already profitable, with orders reaching 95% of US households within three hours and a quarter of customers in just 30 minutes. Ohmes wrote that Walmart’s network of in-store shoppers and e-commerce pickers offers an edge in speed and freshness over rivals.

Looking forward, Walmart plans to remodel stores with 40,000 square feet of additional space for pickup and delivery.

That expansion could allow faster turnaround times and even forward deployment of third-party inventory for localized delivery, the analyst predicts.

Bank of America’s call suggests the next wave of AI might not come from the creators of the tech, but from the companies that figure out how to best leverage it.

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Reuters: Ben & Jerry’s co-founder Jerry Greenfield resigned after a feud with Unilever $UL ( ▲ 0.91% ) over the brand’s freedom to speak out.

CNBC: Congress is advancing a bipartisan bill empowering financial firms to delay transactions when elder financial abuse is suspected.

BI: The share of first-time homebuyers relying on family gifts for down payments has fallen to record lows.

Axios: Toyota $TM ( ▲ 1.31% ) researchers say behavioral nudges like reminders and rewards can improve EV charging habits, boosting environmental benefits.

Fortune: Goldman Sachs $GS ( ▲ 1.11% ) estimates AI has added $160B to “true GDP” since 2022, but most gains remain invisible in official data.

Cut first, ask questions later.

In 1998, the Fed slashed rates, without a recession. Markets loved it.

We all know what happened next.

History rhymes — or maybe market psychology simply remains constant.

Will a Fed rate cut make you more bullish or bearish on stocks over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

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