This live blog is refreshed periodically throughout the day with the latest updates from the market.To find the latest Stock Market Today threads, click here. Happy Thursday. This is TheStreet’s Stock Market Today for Oct.

Federal Reserve trims rates by quarter point, second reduction this year

Fed Chair Jerome Powell acknowledged Wednesday that the soaring stock market is helping support consumer spending — and the overall economy — right now.

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When Jerome Powell speaks, markets listen. As well they should. Powell serves as the chair of the Federal Reserve Board. As part of this role, he also leads the Federal Reserve Open Market Committee (FOMC), which sets the monetary policy of the U.S.

On the losing end of Wall Street was Fiserv, which plunged 44% for its worst day since its stock began trading in 1986. The payments and financial technology company reported weaker profit for the latest quarter than analysts expected, slashed its profit forecast for the year and revamped its board of directors and leadership team.

India's equity benchmarks are poised to open higher on Thursday, supported by the Federal Reserve's interest rate cut and optimism over a potential U.S.-China trade deal ahead of a meeting between Presidents Donald Trump and Xi Jinping.

Investors are bracing for ‘Magnificent Seven’ earnings, Fed’s rate decision and Powell’s press conference in one day.