Market Highlights

More evidence of a slowdown in the US jobs market reinforced bets the Federal Reserve will cut interest rates in its final policy meeting of 2025, driving stocks higher as bond yields fell alongside the dollar. Almost 350 shares in the S&P 500 rose despite weakness in most megacaps. Nvidia Corp.’s Jensen Huang is unsure whether China would accept its H200 chips should the US relax restrictions. Microsoft Corp. slid 2.5% on a report of lower demand for some artificial-intelligence tools even as the company said aggregate sales quotas for AI products have not been reduced. Stocks rose, led by gains in Japan, amid signs a rally in global equities is broadening into the year-end. The yuan slipped after China set its daily reference rate for the currency at a level that was significantly weaker than estimated by traders and analysts.

Wall Street staged a cautious rebound, with the S&P 500 stuck in a tight trading range despite a rally in cryptocurrencies that followed a rough start to December. Bonds and the dollar stabilized. While the US equity benchmark rose for the sixth time in seven sessions, most of its firmsdropped. Apple Inc. led gains in megacaps, but Tesla Inc. fell as Michael Burry called the shares “ridiculously overvalued.” Boeing Co. surged 10% as it expects to generate cash again in 2026. Asian stocks traded within tight ranges on Wednesday, mirroring moves on Wall Street as investors remained cautious ahead of a slew of US economic data.

The start of a historically strong month on Wall Street saw stocks falling as traders shunned riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt rippled through global bonds. Caution prevailed after a rally that drove the S&P 500 to its longest streak of monthly gains since 2021. The Russell 2000 gauge of small caps slid over 1%. Nearly $1 billion of leveraged crypto positions were liquidated during a sharp drop in prices that brought fresh momentum to a wide- ranging industry plunge. Bitcoin sank to around $85,000. Asian stocks rose, recovering from a selloff on Monday that saw cryptocurrencies lead declines in global risk assets. Japanese government bonds advanced after a keenly watched 10-year auction drew firmdemand.

US stocks advanced in thin trading after a technical outage at the Chicago Mercantile Exchange disrupted premarket activity. Bonds edged lower. The S&P 500 rose 0.5% in a post-holiday shortened session and was back within spitting distance of all-time highs. Volume was more than 25% below the 30-day average as Friday trading closed at 1:00 p.m. Earlier, a data-center fault had affected multiple markets, with the issue lasting longer than a similar outage in 2019. Global stocks fell and cryptocurrencies slumped, signaling risk aversion ahead of a slew of US economic data this week even as bets for a December Federal Reserve interest-rate cut remain firm.

A gauge of global equities held firm after four days of gains, following a recovery fueled by bets that the Federal Reserve will cut interest rates faster than previously thought. The MSCI All Country World Index was little changed after trimming its drop for November to 0.4% in the prior sessions. The gauge had been down nearly 4% for the month just over a week ago. European and Asian benchmarks posted modest moves, with US markets closed for Thanksgiving. In another sign that risk appetite is returning, Bitcoin traded above $91,000 for the first time in a week. The dollar paused a two-day retreat. The moves in stocks tracked firmingexpectations for Fed easing, with money markets pricing in roughly an 80% chance of a quarter-point cut next month and leaning toward three more by the end of 2026. A little more than a week ago, traders were projecting three cuts in total. It also signals fresh optimism after worries over stretched tech valuations hammered equities earlier in the month

Tech stocks led the climb in US equities as rising expectations for interest-rate cuts helped carry traders’ newfound optimism into the Thanksgiving break. The dollar slumped. The S&P 500 rose 0.7% Wednesday, extending an advance into a fourth session after reclaiming its 50-daymoving average, a key technical support. Volume on the equity benchmark was around 11% lighter than 30-day average for the time of day. The Nasdaq 100 ended the session up 0.9% after Nvidia Corp. bounced back from competitive fears over its AI processors. Volatility took a breather with the VIX dropping around 35% over a four-day span, the steepest pullback in Wall Street’s fear gauge since mid April.

US stocks ended Tuesday’s session higher, with traders reloading wagers on an interest-rate cut next month while the latest AI advances drove Big Tech valuations. The S&P 500 rose 0.9% after swinging between modest gains and losses earlier. The Nasdaq 100, after declining as much as 1.3%, wrapped up the day 0.6% higher. Economic data out of the US on Tuesday further cemented bets that the Federal Reserve will lower rates in December. That optimism had pushed stocks higher even on Monday. The US 10-year Treasury yield fell, lingering around 4% after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Fed chair. The dollar remained lower. Bitcoin dropped below $88,000.

Technology stocks propelled an advance in global equities as traders kicked off a data-packed week more optimistic that the Federal Reserve will cut interest rates in December. The S&P 500 rose 1.5% and the tech-heavy Nasdaq 100 ended Monday’s session more than 2% higher. While the former notched its best day in six weeks, the latter gained the most since May. Bitcoin reversed an earlier drop. The US 10-year Treasury yield declined to 4.03%. Oil pushed higher as traders weighed the prospect of a Ukraine-Russia peace deal. Technology stocks propelled an advance in global equities as traders kicked off a data-packed week more optimistic that the Federal Reserve will cut interest rates in December.

Wall Street wrapped up a chaotic week with a turnaround in stocks after a selloff that whipsawed some of the most-speculative corners of the market, testing investors’ nerves after a torrid rally. About 450 shares in the S&P 500 rose, with the gauge up 1%. Nvidia Corp. pared most of a plunge that earlier topped 4%. Bloomberg News reported US officials are having early talks on whether to let the firm sell its H200 artificial intelligence chips to China. The market also got an injection of hope as a Federal Reserve official suggested a rate cut remains a possibility. Stocks extended their Friday rebound as traders increased bets on an interest-rate cut by the Federal Reserve next month.

Volatility resurfaced on Wall Street in a session that saw tech stocks falling alongside cryptocurrencies amid an unwinding in speculative areas of the market just as worries grow about the Federal Reserve’s ability to cut interest rates. Thursday was a session in which assets favored by retail momentum traders got hammered, among them crypto and the artificial-intelligence space. Amid the de-risking, the S&P 500 erased its rally, falling 1.6%. Nvidia Corp. tumbled 3% as questions lingered about elevated valuations and investments despite a strong outlook. Bitcoin sank below $87,000 for the first time since April. Global stocks are poised for their worst week in seven months as concerns over lofty valuations and whether massive investments in artificial intelligence will pay off prompt investors to retreat from riskier assets.