Overnight US stocks | The three major indexes closed higher, the Federal Reserve cut interest rates three times this year and ruled out the possibility of raising rates. Oracle Corporation (ORCL.US) fell more than 10% after hours.

On Wednesday, the three major indices closed up. After the Federal Reserve decided to cut interest rates again this year, traders are betting that there will be more accommodative policies next year. [US Stock Market] At the close, the Dow Jones Industrial Average rose 497.46 points, or 1.05%, to 48057.75 points; the Nasdaq rose 77.67 points, or 0.33%, to 23654.16 points; the S&P 500 Index rose 46.22 points, or 0.68%, to 6886.73 points. [European Stocks] The German DAX30 index fell 30.82 points, or 0.13%, to 24141.47 points; the UK FTSE 100 index rose 11.84 points, or 0.12%, to 9653.85 points; the French CAC40 index fell 29.82 points, or 0.37%, to 8022.69 points; the Euro Stoxx 50 index fell 9.97 points, or 0.17%, to 5708.35 points; the Spanish IBEX35 index rose 28.85 points, or 0.17%, to 16763.35 points; the Italian FTSE MIB index fell 116.50 points, or 0.27%, to 43458.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.1%, the South Korean KOSPI index fell by 0.21%, the Indian BSE SENSEX fell by 0.32%, and the Indonesian Composite Index rose by 0.51%. [Forex] The US Dollar index against six major currencies fell 0.43% to close at 98.789 in the Forex market at the end of the day. At the close of the New York Forex market, 1 Euro exchanged for 1.1678 US Dollars, higher than the previous trading day's 1.1628 US Dollars; 1 Pound Exchange 1.3365 US Dollars, higher than the previous trading day's 1.3302 US Dollars. 1 US Dollar exchanged for 156.26 Japanese Yen, lower than the previous trading day's 156.84 Japanese Yen; 1 US Dollar exchanged for 0.8011 Swiss Francs, lower than the previous trading day's 0.8060 Swiss Francs; 1 US Dollar exchanged for 1.3810 Canadian Dollars, lower than the previous trading day's 1.3849 Canadian Dollars; 1 US Dollar exchanged for 9.2864 Swedish Kronas, lower than the previous trading day's 9.3650 Swedish Kronas. [Cryptocurrency] Bitcoin fell by 0.62%, to $92132; Ethereum fell by 0.51%, to $3335.46. [Precious Metals] Spot gold rose by 0.48%, to $4228.67 per ounce. Spot silver fell slightly by 0.02%, to $61.837 per ounce. [Crude Oil] The WTI crude oil price for January delivery rose by 0.36%, closing at $58.46 per barrel; Brent crude oil for February delivery rose by 0.44%, settling at $62.21. [Macro News] Federal Reserve cuts interest rates by 25 basis points again, Powell rules out possibility of raising interest rates. The Federal Reserve passed the rate cut resolution by 9 votes to 3, announcing a 25 basis point rate cut, lowering the benchmark interest rate to a range of 3.50%-3.75%, marking the third rate cut this year, with a total decrease of 75 basis points this year. However, the third rate cut this year is far from an easy decision, as some members support the rate cut to prevent further weakening of the job market, while others believe that the accommodative policies have been sufficient and may exacerbate inflation. President Trump expressed dissatisfaction with the 25 basis point rate cut by the Federal Reserve during a White House event, commenting that the rate cut could have been doubled, at least doubled. Three members voted against the cut, showing increased dissent. Stephen Milne, who proposed lowering the federal funds rate target range by 50 basis points at this meeting; Austin Goolsbee and Jeffrey Schmidt, who proposed to keep the federal funds rate target range unchanged at this meeting. Federal Reserve Chairman Powell stated at a post-meeting press conference that the Fed will "wait and see" before taking further action, but effectively ruled out the possibility of raising interest rates. He attributed inflation to the impact of tariffs, believing that inflation remains at a relatively high level, and that aside from tariff factors, the inflation rate is below 2%. Powell also indirectly opposed Trump's views, stating that although the real estate market faces significant challenges and has long suffered from inadequate housing construction, a 25 basis point rate cut would not have a significant impact on housing affordability. The Federal Reserve will conduct net asset purchases of $400 billion this month. The Federal Reserve has initiated a reserve management purchase program, preparing to expand its balance sheet by purchasing short-term U.S. Treasury bonds to prevent strain in the overnight lending market. The overnight lending market is crucial for the entire financial system. The Fed stated that it will begin expanding its balance sheet this month, purchasing $400 billion of Treasury bills, and plans to gradually reduce the pace of new purchases at some point next year. "Federal Reserve Echo Chamber": Third rate cut difficult to reconcile internal disputes, need to be wary of "stagflation risk." Nick Timiraos, writing for the "Federal Reserve Echo Chamber," stated that Federal Reserve officials have cut rates for the third consecutive meeting, but there is a greater concern about inflation or job market, causing unusual internal divisions within the Federal Reserve. Recent public comments by Federal Reserve officials in the past few weeks show serious internal dissent within the committee, to the extent that the final decision may depend on how Federal Reserve Chairman Powell wants to proceed. Powell's tenure will end in May next year, which means he will only chair the next three rate-setting meetings. Strong price pressure coupled with a cooling labor market has presented an uncomfortable dilemma for the Federal Reserve, a situation that has not been faced in decades. During the so-called "stagflation" period in the 1970s, when officials faced a similar dilemma, the Fed's start-and-stop way of dealing with the situation allowed high inflation to take root. Jonathan Pingle, Chief U.S. Economist at UBS Group AG, said, "As rates approach neutral, each rate cut loses more supporters, and you need data to motivate those participants to join the majority to achieve rate cuts." [Individual Stock News] Oracle Corporation's cloud business sales fall short of expectations, plunges more than 10% after hours. Oracle Corporation (ORCL.US) reported disappointing cloud business revenue, indicating that its recent large-scale artificial intelligence orders may take longer to materialize. Oracle Corporation's second-quarter earnings showed that cloud business revenue grew by 34% to $7.98 billion; the company's highly anticipated infrastructure business revenue increased by 68% to $4.08 billion. However, both of these numbers were slightly below analysts' expectations. In a statement on Wednesday, the company stated that remaining performance obligations (a measure of orders) surged to $523 billion in the second quarter, while analysts' average estimate was $519 billion. Warner Brothers' acquisition faces new variables as Trump says CNN must be sold. Warner Brothers, which owns CNN, is currently facing competition from Netflix (NFLX.US) and Paramount Dancing Company. When asked about this, US President Trump said, "I think CNN must be sold because you certainly wouldn't want... to let those people get a lot of money, and then let CNN spend even more money spreading poison. The person who currently runs CNN is either corrupt or incompetent." According to previous reports by the media, Paramount CEO David Ellison assured Trump administration officials during a visit to Washington in December last year that if he acquires Warner Brothers, he will make profound reforms to CNN. Netflix does not intend to acquire Warner's television division, making the company face many challenges if it wants to address the President's concerns. Media: Apple Inc. CEO pressures US lawmakers on children's online safety laws. Local time on Wednesday, Apple Inc. (AAPL.US) CEO Tim Cook met with US lawmakers, lobbying them to oppose the provision in children's online safety legislation that requires app store operators to verify users' ages. Apple Inc. expressed concern about the "App Store Accountability Act", which requires app store operators to verify users' age to determine whether minors are using potentially harmful apps. The House Energy and Commerce Committee is scheduled to consider the bill on Thursday morning. According to a statement from Apple Inc., during a closed-door meeting with committee members, Cook urged lawmakers not to require app store operators to verify users' age credentials, but instead rely on parents to provide age information when creating accounts for children.