Stock market today: Dow, S&P 500, Nasdaq surge as Fed fires up rally

Shares of Procter & Gamble (PG), PepsiCo (PEP), Campbell Soup Company (CPB) and Hershey's (HSY) have historically benefitted in the first 90-days following first soft-landing rate cuts, per analysis from Bank of America.

Taking a closer look at large cap companies that have "been around for a few cycles" and haven't historically been split or bought, Bank of America analyst Bryan Spillane told Yahoo Finance over the phone, CPG (consumer packaged goods) companies that tend to have less of an international footprint have historically outperformed their relative peers, given the effect rate moves have on currencies, like Colgate (CL), Coca-Cola (KO) and General Mills (GIS).

Both Spillane and Bank of America analyst Peter Galbo agree while there could be upside again for these stocks, it's a wait and see game to see how the Fed's decision to cut by 50 basis point plays out.

Companies that have floating debt could benefit too, like snack player UTZ (UTZ).

"If you have a lot of leverage in floating rate debt, your cost of debt just went down by 50 basis points," Galbo said. As of its latest quarter, UTZ's net debt totaled $747.5 million.

Tyson Foods (TSN) could see a flow through effect from the ranchers it works with too, per Galbo. In the latest earnings call, Tyson Food executive Brady Stewart told investors there is a continued focus "on interest rates...that goes into that economic decision making of the rancher."

It could also mean good news for the grocers, per Advantage Solutions executive Andrea Young.

"It's a shared point of view that consumers will feel the benefits of more dollars in their wallet, more dollars in wallet will drive more trips to the [grocery] stores on necessities first," Young said.

She added that customers will likely put more in their basket too with an "increased freedom" that they may feel knowing the "pressure" from higher interest rates is coming down.