US Stocks Rise for 4th Session
Stocks in the US extended gains for a fourth straight session on Wednesday, with the S&P 500 rising 0.5%, the Nasdaq increasing 0.6% and the Dow Jones adding 150 points.
Expectations for a December Fed rate cut have continued to climb and stand above 80%, supported by soft economic data and dovish comments from Fed officials. Reports from Bloomberg that White House National Economic Council Director Kevin Hassett is the leading contender for the next Fed chair, a choice investors view as aligned with President Trump’s push for lower rates, also lifted sentiment.
The tech sector outperformed while health and communication services lagged. Nvidia rebounded, gaining more than 2% and Microsoft (1.4%), Apple (0.5%), Tesla (0.3%), and Broadcom (0.5%) were also higher.
On the other hand, Amazon was little changed and Meta (-0.2%) and Alphabet (-0.7%) declined. Deere & Company tumbled 4% after issuing a downbeat forecast for the current year.
Source: Tradingeconomics.com
