The Federal Reserve
The Federal Reserve cut rates for the first time in a decade.
"We're thinking of it essentially as a mid-cycle adjustment to policy," Powell said during a press conference Wednesday following the Fed's announcement that it was slashing interest rates by 25 basis points. "I'm contrasting it with the beginning of a lengthy cutting cycle."
And investors weren't the only ones disappointed.
President Donald Trump tweeted: "What the market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, the European Union and other countries around the world. As usual, Powell let us down."
Beyond Meat's Secondary Offering
Real Money Stock of the Day Beyond Meat announced the pricing of its secondary offering.
Beyond Meat will sell 3.25 million new shares at $160 each, an 18.6% discount to Wednesday's close, but six times the IPO price. Beyond Meat said the new share offering will raise another $40 million that the company will use to expand its production facilities and boost its marketing campaign.