All else equal, a reduction in expected future interest rates should lead to

- an upturn in the stock market, as estimate of future cash flows are revised upward

- an upturn in the stock market, as future cash flows are discounted at lower rates

- a downturn in the stock market, as estimates of future cash flows are revised downward

- a downturn in the stock market, as future cash flows are discounted at higher rates a downturn in the stock market, as future cash flows are discounted at a lower rates