Wall Street is feeling bullish on areas like cyclical stocks, industrials, and small-caps as the Fed resumes its rate-cutting cycle.

On Wall Street, CarMax tumbled 19.1% for the largest loss in the S&P 500 after the seller of used autos reported a weaker profit for the latest quarter than analysts expected. It sold fewer vehicles during the quarter than it had a year earlier. It also was hurt because it increased its expectations for losses from loans made in earlier years.