"Technology stocks drove an advance in global equities, with Alphabet Inc. and Alibaba Group Holding Ltd. notching gains as traders kick off a data-packed week. Major US stock indexes extended their ascent, with the S&P 500 rising 1.4% and the tech-heavy Nasdaq 100 jumping more than 2%. Bitcoin fell again after a weekend rebound and is on track for its worst month since 2022. Oil swung between small gains and losses as traders weighed the prospect of a Ukraine-Russia peace deal."
"Federal Reserve Governor Christopher Waller fueled optimism on Monday after indicating support for an interest-rate cut next month. New York Fed President John Williams had a similar impact on the market on Friday after he said a near-term rate cut remains a possibility. Money markets are pricing in a roughly 70% chance of a Fed rate cut in December, after the odds fluctuated in recent weeks amid growing fissures among policymakers and the data blackout."
Technology and large-cap growth names propelled global equity gains, with Alphabet and Alibaba among the leaders. The S&P 500 rose 1.4% and the Nasdaq 100 climbed over 2%, while bitcoin slipped after a brief rebound and is set for its worst month since 2022. Oil fluctuated as traders considered the possibility of a Ukraine-Russia peace deal, and the US 10-year Treasury yield eased to 4.05%. Fed officials signaled openness to near-term rate cuts, boosting sentiment, and money markets now price roughly a 70% chance of a December cut amid delayed, ambiguous US economic data caused by the government shutdown. UBS suggested the recent selloff in US stocks may have run its course.
Read at www.mercurynews.com
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