Strong overnight gains have Wall Street poised to open at record highs Thursday following the Federal Reserve's first interest rate cut in nine months.

Futures for the S&P 500 rose 0.8% before the bell, while futures for the Dow Jones Industrial Average added 0.7%. Nasdaq futures jumped 1.1%.

Intel shares soared more than 28% after Nvidia announced it was investing $5 billion in the California chipmaker as part of a collaboration to ramp up custom data center and personal computer products. Nvidia shares rose 2.6%.

Cracker Barrel shares slid 8.2% after the restaurant chain said that it expects lower sales and weaker customer traffic in the coming year as the controversy over its planned logo change continues to play out.

In a conference call with investors on Wednesday, Cracker Barrel

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