US markets today: Nasdaq jumps nearly 2% as Alphabet leads AI rally; rate-cut hopes steady Wall Street
Alphabet was the day’s standout performer, soaring 5.2 per cent after fresh praise for its newest Gemini AI model.
Its rally helped lift the Nasdaq composite by 1.7 per cent in early trade, while the S&P 500 rose 1 per cent and the Dow Jones Industrial Average added 144 points, AP reported.The advance came amid renewed optimism that the Fed will reduce its key interest rate next month, a shift that typically boosts equities.
Traders priced in nearly a 79 per cent probability of a December cut, up from 71 per cent on Friday, according to CME Group data.But analysts cautioned that recent swings — the sharpest since April’s tariff-driven selloff — underline how fragile the market remains.
US stocks have been toggling between gains and losses hour by hour as questions persist over whether AI-linked valuations are overheating and whether the Fed can ease policy without reigniting inflation.Tuesday’s wholesale inflation reading will be one of the week’s biggest tests, with economists expecting a 2.6 per cent rise from a year ago.
A higher print could dim hopes of a December cut.Novo Nordisk slid 7.9 per cent after its Alzheimer’s drug failed to slow disease progression in a trial.
Bitcoin remained volatile, hovering near $86,000 after swinging between $82,000 and $94,000 over the past week.Overseas, Hong Kong’s Hang Seng jumped 2 per cent, boosted by a 4.7 per cent rise in Alibaba ahead of its earnings.
European indices were mixed, while Treasury yields held steady, with the 10-year at 4.04 per cent.US markets will be shut on Thursday for Thanksgiving, followed by Black Friday and Cyber Monday trading cues.
