U.S.-listed crypto shares jumped on Thursday after a half-percentage point interest rate cut boosted risk appetite, adding to the momentum of an industry that has already secured some big wins this year.

If the Fed does fail to achieve a “soft-landing,” Nvidia, Tesla and others can be viewed as a potential defensive play for investors.

Stocks jumped Thursday morning as investors cheered the Federal Reserve’s eye-popping half-point interest rate cut.

Investor expectations had largely shifted towards a dovish outcome in the days leading up to the Fed's move on Wednesday, with money markets pricing in around a 65% chance of a 50 basis point (bp) cut.

The market is celebrating the Fed's 50 basis point rate cut. Read why the potential benefits of the cut are already priced in.

Wall Street rallied on Thursday with the Dow and S&P 500 hitting another intraday record high — a day after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

Fed Chair Jerome Powell said that growth was proceeding at a “solid rate” and that he didn’t expect an economic downturn.