The index fluctuates as the Fed cuts interest rates, and Powell warns that a December cut is not guaranteed

Shares of the chip testing equipment provider and data storage company posted strong gains as demand for artificial intelligence helped drive strong quarterly earnings, while the fintech company came under pressure after weak results and a change in leadership.

Major US stock indexes ended the session mixed on Wednesday, as the Federal Reserve announced a widely expected cut in its benchmark interest rate by a quarter of a percentage point. After trading higher for most of the day, market gauges lost steam in the afternoon when Federal Reserve Chairman Jerome Powell threw cold water on the widespread assumption that another cut in December was inevitable.

The S&P 500 finished flat. The Dow Jones Industrial Average fell 0.2%, while the Nasdaq, which is dominated by technology stocks, advanced 0.6%. Check here for Investopedia’s full summary of today’s market news.

Shares of Teradyne (TER) rose 20.5%, outperforming all other stocks in the S&P 500, after the automated testing equipment provider beat third-quarter sales and earnings estimates and provided better-than-expected guidance for the fourth quarter. Strong AI-driven demand for semiconductor testing equipment has fueled these optimistic forecasts. Teradyne has also appointed Michelle Turner, a former executive at defense contractor L3Harris Technologies, as its new chief financial officer (CFO).

Seagate Technology Holdings (STX), a manufacturer of data storage solutions, also beat sales and earnings expectations for the third quarter and issued a promising outlook for the fourth quarter. CEO Dave Moseley highlighted the importance of artificial intelligence in driving demand for the company’s heat-assisted magnetic recording drives. Seagate shares jumped 19.1%, while shares of Western Digital (WDC), which specializes in data storage, rose 13.2%.

Centene (CE) shares rose 12.5% ​​after the health insurer reported surprising third-quarter earnings and raised its full-year guidance. Increased demand for Medicare prescription drug plans and higher rates in Centene’s Medicaid business helped drive revenue growth and offset challenges associated with rising medical costs.

Shares of Fiserv (FI), a provider of digital banking and payment processing services, fell 44% to record the weakest performance for the S&P 500 on Wednesday. The company reported lower-than-expected revenue and adjusted earnings per share for the third quarter and lowered its full-year forecast. Fiserv also announced an “action plan” aimed at improving its performance and announced that Paul Todd, former CFO of Global Payments, will take over as its CFO.

Verisk Analytics (VRSK), which provides data analytics solutions primarily to the insurance industry, topped its third-quarter revised earnings forecast but fell short of revenue expectations. The company noted lower levels of severe weather during this period, which limited the volume of claims processed through its systems. Verisk also trimmed its full-year revenue forecast, with its share falling 10.4%.

Although online real estate platform operator CoStar Group (CSGP) beat third-quarter sales and earnings expectations, its upwardly revised full-year forecast for adjusted earnings per share remained below consensus expectations. Analysts at Baird lowered their price target on CoStar stock, citing challenges with apartment bookings. CoStar shares fell 9.9%.