FX.co ★ US Stocks Rebound, Still Set for Weekly Decline

On Friday, US stocks saw an uptick with the S&P 500 and Nasdaq each advancing by 0.3%, while the Dow Jones increased by over 230 points, rebounding from significant losses experienced on Thursday. Market sentiment received a boost after John Williams, President of the Federal Reserve Bank of New York, hinted that the central bank might soon have the capacity to further reduce interest rates amid indications of a cooling labor market. The likelihood of a rate cut in December has now risen to approximately 71%. The communication services sector was particularly strong, rising about 2%, with Alphabet surging over 3% and Meta increasing by 1%. Intuit experienced a 6% jump following the release of its better-than-expected earnings and revenue report. Conversely, technology shares continued to face pressure due to ongoing concerns about potentially inflated AI valuations. Nvidia dropped 1.7%, following a 3.2% decline on Thursday, and Oracle fell by over 4%. Over the week, the S&P 500 decreased by 2.9%, the Dow Jones declined nearly 3%, and the Nasdaq was down by 3.6%.