US stocks extended their recovery as markets transitioned to looser Fed policy, with the Dow closing 0.9% higher, the S&P 500 gaining 0.4%, and the Nasdaq gaining 0.2%, as financial and defensive sectors outperformed due to a clear reweighting of near-term policy risks.
ADP's surprise 32,000 decline in private payrolls pushed the chances of a Fed rate cut closer to certain. Wells Fargo and Citi each rose 3.5% as the prospect of looser policy reduced short-term funding costs and improved loan demand, while UnitedHealth jumped 4.7%.
Marvel jumped 7.9% after raising its data center forecast and outlining stronger revenue and margin assumptions related to AI-related server demand. Conversely, Microsoft fell 2.5% after reports of AI sales quota cuts briefly unsettled the sector before the company issued a denial. (alg)
Source: Trading Economics
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