US markets today: Wall Street edges up on rate-cut hopes; Nvidia slump caps Nasdaq gains
The S&P 500 inched up 0.1% in early trade, with four out of five stocks in the index gaining.
The Dow Jones Industrial Average climbed 288 points, or 0.6%, while the Nasdaq Composite slipped 0.3% on weakness across semiconductor counters, AP reported.Alphabet gained 1.6% as investors continued to bet on its newly launched Gemini AI model.
Alibaba’s US-listed shares swung between gains and losses after the Chinese tech major posted better-than-expected quarterly revenue.Chipmakers, however, took a heavy hit after a media report said Meta is exploring billions of dollars in AI-chip buys from Google parent Alphabet.
Nvidia dropped 4.8% and AMD fell 7.4%.Retail earnings delivered sharp moves across consumer counters.
Abercrombie & Fitch surged 20.9% on stronger-than-estimated quarterly numbers and a raised revenue outlook, while Kohl’s rallied 32.4% after posting a surprise profit.
Dick’s Sporting Goods slid 3.2% after reporting weaker-than-expected results.Investor sentiment stayed supported by hopes of a December rate cut, with traders pricing in nearly an 85% probability, CME Group data showed.Fresh economic indicators offered a mixed picture.
Retail sales came in softer than forecast, while wholesale inflation was marginally hotter but showed improvement in core components — a combination that neither derailed nor strengthened the case for rate cuts.US Treasury yields eased slightly, with the 10-year yield dipping to 4.01% from 4.04% a day earlier.Asian and European markets also logged modest gains ahead of the Thanksgiving holiday-shortened US trading week.
