Stock market today: Dow, S&P 500, Nasdaq edge higher as Fed cuts interest rates by 25 basis points

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• Fed decision is a bit of a relief given it could have been more hawkish, but markets are taking this with a grain of salt knowing there will be changes at the Fed next year

  80% confidence

• CHWY's gross margin has limited upside going forward. While sponsored ad initiative has been meaningful gross margin driver, this trend needs to continue for company to see same magnitude of gains. Increasingly competitive market, tariff pressure, and greater promotional activity may support capped margin upside.

  80% confidence

• Chewy continues to outperform the pet category and expand market share, with profits growing faster than sales

  80% confidence

• Central banks now hold more gold than US Treasurys for the first time since at least the 1990s

  80% confidence

• Fed projects one more rate cut for 2026, signaling slower pace of easing ahead

  80% confidence

• Gold is overbought but underinvested with room to grow. Gold bull markets don't normally come to an end because they're overbought - they end when underlying conditions that triggered the bull market have subsided.

  80% confidence

• If gold demand continues to grow at roughly 14% (average rate since 2001), gold is likely to crack $5,000 per ounce in 2026

  80% confidence

• China must fix economic imbalances as trade surplus hits $1 trillion

  80% confidence

• S&P 500 will clock double-digit gain in 2026 as AI boosts profits and tax refunds lift spending

  80% confidence

• Ongoing supply disruptions and repositioning of copper to the US ahead of potential policy changes are impacting an already tight copper market. The premium paid for metal in the US is impacting already low global inventories and placing upward pressure on global copper prices.

  80% confidence