“`html
On Monday, the S&P 500 Index closed up by 1.55%, the Dow Jones Industrials Index by 0.44%, and the Nasdaq 100 Index by 2.62%. This rally was attributed to strong technology stocks, particularly in semiconductor and AI-infrastructure sectors, and increasing expectations for a Federal Reserve interest rate cut in December.
Fed Governor Christopher Waller indicated the likelihood of a rate cut due to concerns about the labor market, raising expectations for the next FOMC meeting to an 80% probability of a 25 basis points cut. The 10-year T-note yield fell to 4.03%, while the upcoming economic reports are anticipated to show retail sales growth of 0.4% for September.
In Q3 earnings, 83% of S&P 500 companies exceeded forecasts with a 14.6% rise in earnings, significantly surpassing expectations of 7.2%. The Euro Stoxx 50 and China’s Shanghai Composite also closed higher, reflecting a broader trend in global markets.
“`
