Borrowing rates have already fallen in anticipation of a deeper cut in rates. The average 30-year mortgage rate dropped to 6.2% last week to the lowest level in 18 months and down from a peak of nearly 7.8%, according to the mortgage giant Freddie Mac.

The S&P 500 started the trading session at 5,702.63 points on Wall Street before it recorded a new lifetime high of 5,733.5 points. The index shuttered at 5,713.64 points in the last trading session. In contrast, Nvidia shot up 4 per cent and was one of the main factors driving the S&P 500 higher.

Oracle jumped 11.4% to an all-time high and helped lead the market after delivering better profit and revenue for the latest quarter than analysts expected. Gains for several influential Big Tech stocks also helped drive indexes, including rises of 2.1% for Microsoft and 2.4% for Amazon.