December Russell futures swung lower after the Fed cut rates.

December Russell futures experienced high volatility today, initially outperforming to the upside before turning lower in the afternoon and leading the downside move. The high for the day reached $2,539.30, while the low was $2,481.90. The market turned lower after the FOMC announced a 25-basis point rate cut, a move that reflected the Federal Reserve's view of moderating economic growth and elevated inflation. The FOMC statement highlighted slower job gains and a slightly higher unemployment rate, noting that inflation remains above the target. Crucially, the committee removed language about further rate cuts, emphasizing data dependence. The Fed also announced the end of quantitative tightening as of December 1. On the earnings front, a preliminary look at third-quarter results shows that 72.5% of reporting Russell companies have beaten estimates, suggesting better-than-expected momentum in the small-cap segment, though this is based on a small data set.