US stocks traded higher on Monday as markets kicked off a holiday-shortened Thanksgiving week.
The S&P 500 rose 0.7%, Nasdaq gained 1.2%, and the Dow Jones advanced 120 points, with traders increasing bets on a Fed rate cut next month, following comments from the head of the NY Fed last Friday.
The odd for a 25bps reduction in the fed funds rate currently stand at around 65%. Investors are also bracing for a busy week of economic data, including retail sales, durable goods orders, and PPI figures. Communication services and consumer discretionary were by far the top performers while energy lagged.
Alphabet shares jumped nearly 4.5% after the company overtook Microsoft on Friday to become the third-largest US company by market capitalization. Tesla climbed 4.2% after CEO Elon Musk said the company has already designed several million AI chips for its vehicles and data centers. On the other hand, Oracle lost 1.4%, Exxon Mobil was down 0.5% and Procter & Gamble fell 1.4%.
Source: Tradingeconomics.com
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