Markets Surge, Rate Cut Hopes Boost Sentiment

Stock markets closed higher on Friday, with the S&P 500, Dow Jones Industrials, and Nasdaq Composite reaching two-week highs. The S&P 500 gained 0.5%, Dow Jones Industrials rose 0.61%, and Nasdaq Composite led with a 0.78% increase. This upward trend was driven by strong semiconductor stocks and a rally in energy producers due to climbing crude oil prices.Trading activity was lighter than usual earlier this week due to a technical outage at the Chicago Mercantile Exchange, which shut down their futures and options markets. The Bureau of Labor Statistics canceled the October consumer price report and combined it with Novembers, set to be released on December 18. Similarly, the October employment report was postponed and will be included in the November report, released on December 6.The markets are currently pricing in an 83% chance of another 25 basis point interest rate cut at the next Federal Open Market Committee meeting, scheduled for December 9-10. The third-quarter earnings season has been strong, with 83% of S&P 500 companies exceeding forecasts, putting the quarter on track to be the best since 2021, with earnings rising by 14.6%.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.