FX.co ★ US Stocks Rise for 4th Session

U.S. stocks experienced a boost for the fourth consecutive session on Wednesday, with the S&P 500 increasing by 0.5%, the Nasdaq advancing by 0.6%, and the Dow Jones climbing by 150 points. Expectations for a December Federal Reserve rate cut have surged, now exceeding 80%, bolstered by tepid economic data and dovish remarks from Federal Reserve officials. Additionally, Bloomberg reports suggest that Kevin Hassett, Director of the White House National Economic Council, is the frontrunner for the next Federal Reserve chair position. This potential appointment is seen as supportive of President Trump’s preference for lower interest rates, further enhancing market sentiment. The technology sector performed strongly, while the health and communication services sectors underperformed. Notably, Nvidia saw a resurgence, gaining over 2%, with Microsoft up by 1.4%, Apple by 0.5%, Tesla by 0.3%, and Broadcom by 0.5%. Conversely, Amazon's stock remained relatively unchanged, while Meta dipped by 0.2% and Alphabet fell by 0.7%. Deere & Company faced a decline of 4% following a pessimistic forecast for the current year.