US markets today: Wall Street extends gains as rate-cut hopes rise; tech stocks lead early rally
US stocks climbed on Wednesday as Wall Street looked to stretch its winning run, buoyed by growing expectations of a Federal Reserve rate cut in December. According to AP, the S&P 500 rose 0.5% in early trade, while the Dow Jones Industrial Average gained 227 points and the Nasdaq advanced 0.7%.Traders are pricing in nearly an 83% probability of a rate cut next month, CME Group data showed, after recent comments from Federal Reserve officials reinforced expectations of easing. AP reported that the S&P 500 is coming off three straight sessions of gains.Technology stocks led the rally. Dell Technologies rose 2.3% after reporting record demand for its artificial intelligence servers, while Nvidia — the market’s most valuable company — added 2.5%.Retailer Urban Outfitters surged 11.7% after posting earnings that beat Wall Street forecasts. Deere & Co., however, dropped nearly 4% after issuing a downbeat outlook that cited tariff pressures.The holiday-shortened trading week will see US markets closed on Thursday for Thanksgiving, with reduced hours on Friday.In the bond market, the yield on the 10-year Treasury inched up to 4.03%, while the 2-year yield rose to 3.49%.Global markets were broadly higher. Germany’s DAX gained 0.7% and France’s CAC 40 rose 0.6%, while Japan’s Nikkei 225 jumped 1.9% in a broad advance led by major exporters and technology counters.
