The S&P 500 sees its best day since February and the 10-year treasury yield touches its lowest level since March, as Fed Chair Jerome Powell lines up the first rate cut of the cycle. Meta shares climb in extended trade after a beat on the top and bottom lines, while issuing an upbeat outlook. Qualcomm shares dip despite topping forecasts, while Arm plunges as the chip designer warns of weakness in some markets. And, the Bank of England weighs up whether to cut rates for the first time since 2020, with the decision seen on a knife-edge.

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