Dow Jones futures jumped 500 points Thursday after the big Fed rate cut Wednesday. Nvidia and Tesla rallied to key levels.

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.

Wednesday's rate cut in the world's largest economy was the first such move by the US central bank in more than four years, and came at a time when investors around the globe keenly looked out for the onset of an impending easing of borrowing costs.