Wall Street Jumps as December Fed Rate-Cut Bets Surge
Wall Street surged on Friday as growing expectations of a December Fed rate cut outweighed concerns about expensive tech stocks. A broad rally lifted all major U.S. indexes, while Treasury yields fell and bitcoin trimmed losses.
Fresh labor data showed a surprise rise in unemployment, boosting rate-cut bets — now 73%, up sharply from 39% a day earlier. Comments from Fed’s John Williams, previously seen as hawkish, further fueled optimism for easing.
Strong earnings — especially from Nvidia — helped ease worries about overstretched AI valuations.
Market Performance (U.S.):
Dow +1.08%
S&P 500 +0.98%
Nasdaq +0.88%
Global Markets:
Europe: Lower on tech concerns and progress in Russia-Ukraine peace talks
Asia: Broad declines; Nikkei -2.40%
Emerging markets: Sharp selloff
Currencies & Crypto:
Dollar steady but weaker vs yen
Bitcoin -2.9%, Ethereum -4.6%
Bonds:
10-year yield ↓ to 4.06%
2-year yield ↓ on rate-cut expectations
Commodities:
Oil extended losses (WTI $58.06) on peace-deal hopes
Gold slightly lower around $4,065
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