US benchmark equity indexes marked a positive close Thursday as the Federal Reserve's monetary policy committee reduced its benchmark lending rate for the second time in 2024. The Federal Open Market Committee decreased interest rates by 25 basis points, bringing the rate to a range of 4.5% to 4.75%, down from 4.75% to 5%.
This adjustment comes following a significant 50-basis-point cut announced in September. Meanwhile, weekly applications for unemployment insurance in the US saw an uptick for the first time in four weeks, with continuing claims reaching the highest level since November 2021, according to data released by the government.
December West Texas Intermediate crude oil prices ended the day up by $0.67, closing at $72.36 per barrel. January Brent crude, which serves as the global benchmark, rose by $0.77, settling at $75.69 as the dollar weakened following the Fed's interest rate cut. In corporate news, Warner Bros. Discovery reported a remarkable increase in subscribers for its Max streaming platform during the September quarter, alongside unexpected net income, despite the company experiencing a decline in revenue compared to the same period last year due to a lackluster box office performance.
The media and entertainment giant saw a notable surge in its shares, jumping 11%. Conversely, Match Group experienced a significant dip in its stock, falling 18% after the company released a sobering outlook for Q4 revenue, following a disappointing Q3 performance..