The S&P 500 Index climbed by 1.38% today, while the Dow Jones Industrial Average rose by 1.52% and the Nasdaq 100 increased by 1.14%. This market rebound follows comments from New York Fed President John Williams, who indicated potential for a Fed rate cut, influencing the 10-year T-note yield to drop to a 3-week low of 4.03% and increasing the likelihood of a rate cut at the December FOMC meeting to 70% from 35% on Thursday.
This week, concerns surrounding tech stock valuations persist, despite supportive signs from the University of Michigan’s revised consumer sentiment index, which increased to 51.0, surpassing expectations of 50.6. Additionally, Q3 corporate earnings season shows that 82% of S&P 500 companies exceeded forecasts, with earnings rising by 14.6%, significantly above the anticipated 7.2% year-over-year growth.
In cryptocurrency news, Bitcoin fell over 2% today, reaching a 7.25-month low and marking a 35% decline since a record high last month. Meanwhile, the Euro Stoxx 50 and China’s Shanghai Composite dropped, indicating broader market weakness globally.
