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Here are five key things investors need to know to start the trading day:

Stocks surged yesterday after the Federal Reserve delivered a widely expected interest rate cut at its final policy gathering of the year. But the bank seemed to take the “hawkish cut” stance many were anticipating, saying that the move doesn’t signal more decreases in the near future.

Here’s the rundown:

• The Fed announced a 25 basis point rate cut, marking its third decrease of 2025. Policymakers are forecasting just one rate decrease in the year ahead, projections show.
• But it wasn’t a united front. This week’s meeting saw the most voting members break with the majority since 2019.
• In its closely watched statement, the Fed noted an uptick in unemployment, indicating a possible shift in focus to the labor market from inflation. The central bank also said that it will purchase short-term Treasury bonds on an as-needed basis, pushing down some yields.
• Chair Jerome Powell took a cautious stance in his press conference, saying the decision was a “close call” and that monetary policymakers can now “wait and see how the economy evolves.”
• Wall Street liked what it heard: The Dow rose nearly 500 points in Wednesday’s session, while the S&P 500 finished just short of all-time highs.
• Meanwhile, President Donald Trump said the Fed could have “at least doubled” the size of its rate decrease.
• Follow live markets updates here.

Oracle missed analysts’ expectations for revenue in its high-profile earnings report yesterday. Shares of the software company dropped 11% in extended trading, dragging down other artificial intelligence plays such as Nvidia and CoreWeave.

The revenue miss overshadowed Oracle’s quarterly earnings per share, which blew past Wall Street’s forecast for the second quarter. Oracle also said its remaining performance obligations soared more than 400% from a year ago, driven by new commitments from companies including Meta and Nvidia.

On the other hand, shares of Cisco rallied to an all-time closing high in yesterday’s session. As CNBC’s Jordan Novet points out, it’s the first such record for Cisco since its dot-com bubble peak in 2000.

Trump said yesterday that the U.S. seized an oil tanker off the coast of Venezuela. He said it was “the largest one ever seized.”

Matt Smith, head U.S. analyst at energy consultancy Kpler, told CNBC that the tanker has been identified as the Skipper, a Guyana-flagged “Very Large Crude Carrier” that appeared to be en route to Cuba. Attorney General Pam Bondi said in an X post yesterday that the tanker had been sanctioned by the U.S. for years “due to its involvement in an illicit oil shipping network supporting foreign terrorist organizations.”

The move comes as Trump continues to escalate his pressure campaign against Venezuelan President Nicolás Maduro, saying in a Politico interview published Tuesday that Maduro’s “days are numbered.” Oil prices popped yesterday following Trump’s announcement.

Rivian is taking a turn toward artificial intelligence. The electric vehicle maker is hosting its first-ever “Autonomy and AI Day” today as it pitches shareholders on its in-house technology for new cars.

As CNBC’s Michael Wayland notes, Rivian’s AI push comes as the company’s core EV business has lagged expectations since it went public four years ago. Rivian is also losing billions of dollars annually despite efforts to reduce costs and increase software revenue.

The latest C-suite shakeup came last night: Coca-Cola announced operations chief Henrique Braun will succeed James Quincey as CEO next year.

Braun, who has worked at the soda giant for nearly three decades, will take the helm at the end of March. Quincey will stay with Coca-Cola as its board’s executive chairman following his eight-year stint as CEO.

Coca-Cola has mostly outperformed rival Pepsico under Quincey, and its namesake Coke brand has held on to its title as the top-selling soda in the U.S. But the company has grappled with cooling demand as lower-income consumers buckle under inflationary pressures.

CNBC’s Hayley Cuccinello reports that investment firms of the ultra rich are using WhatsApp chats to do everything from vet deals to sell dinosaur bones. Yes, you read that correctly.

— CNBC’s Jeff Cox, Michelle Fox, Sarah Min, Christina Cheddar Berk, Kevin Breuninger, Sean Conlon, Jordan Novet, Spencer Kimball, Michael Wayland, Jacob Pramuk, Amelia Lucas and Hayley Cuccinello contributed to this report. Josephine Rozzelle edited this edition.