Industrials Surge on Rate-Cut Anticipation and All-Time Highs

Industrial and transportation companies saw a rally in their shares after the Federal Reserve indicated that its next move would likely be a rate cut. Fed Chairman Jerome Powell stated that interest rates had likely peaked or were close to a peak. The market seemed to overlook lower GDP growth and higher unemployment as potential catalysts for additional rate cuts. In other news, defense contractor Lockheed Martin secured a court ruling to resume titanium shipments for the F-35 program that had been suspended due to a pricing dispute.