US stocks rallied at the start of the holiday-shortened week, with the S&P 500 rising 1.6%, the Nasdaq surging 2.6%, and the Dow Jones Industrial Average rising more than 300 points as investors grew more confident that the Fed would soon ease policy.
New York Fed President John Williams hinted at room for an interest rate cut in the near future, and Fed Governor Christopher Waller said recent labor market weakness makes a December rate cut plausible. According to CME FedWatch, futures markets currently have a roughly 79% probability of a 25-bps rate cut at the December 9-10 meeting. Traders also face a busy economic calendar this week, including pending US retail sales and PPI data, which could still influence the Fed's final decision.
Technology led the gains, with Broadcom surging more than 10% on revived AI infrastructure trading, and Alphabet surging more than 4% after Gemini 3-related developments pushed its shares past Microsoft in market value, while Tesla rose more than 7% after Elon Musk signaled progress on its next-generation AI chip. (alg)
Source: Trading Economics
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