The Dow jumped more than 600 points to a fresh record and the S&P 500 reversed early session losses to trade marginally higher, while the Nasdaq pared losses to roughly 0.5% on Thursday afternoon as investors rotated out of richly valued tech names and into cyclicals and beaten down value stocks after the Fed cut rates by 25 basis points to 3.50% to 3.75% and signalled a conditional easing path. Visa rose over 5% on an upgrade by Bank of America, while Mastercard and American Express added more than 4% and 1.5% respectively. Major names including JPMorgan (+2.2%), UnitedHealth (+3.1%), Goldman Sachs (+2.4%), Wells Fargo (+2.8%) and Progressive (+3.5%) outperformed. However, tech weakness persisted and capped gains as Oracle plunged more than 11% after disappointing revenue and cloud sales and a darker spending outlook revived doubts about the pace at which AI investments will pay off. Chipmakers fell with Nvidia (-2.1%), Broadcom (-1.7%), AMD (-1.2%) and Applied Materials (-2.5%).