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

All else equal, an issuer of callable bonds is more likely to exercise a call option after

		a reduction in the company's stock price
		an increase in the company's stock price
		an increase in interest rates
		a decrease in interest rates
		a downgrade of the bond's rating