The Philadelphia Federal Reserve's manufacturing gauge tumbled this month, solidifying the Fed's case for easier monetary policy. : Stocks rose sharply on Thursday after the Federal Reserve hinted at possible interest rate cuts as soon as next month. The billionaire investor believes the stock market is in a "zone of fair value" at current levels. The Federal Reserve may be on its way to delivering a half-point interest rate cut next month, according to Goldman Sachs economists. However, Slack chief Stewart Butterfield says, "The broader world of email will stick around."