Stocks are riding a wave of optimism heading into the Thanksgiving holiday.
U.S. indexes rose for a fourth consecutive session, extending a recovery from last week’s selloff. Rising expectations for an interest-rate cut next month and easing artificial-intelligence bubble fears have helped.
Nvidia shares gained 1.4% Wednesday, but remain sharply down from peaks earlier in the month. The tech-trade shakeout has led investors to reshuffle bets on AI winners. Nvidia, long the trade’s frontrunner, has come under pressure, while Alphabet shares have jumped.
Weekly jobless claims provided more evidence that the labor market is stuck in neutral: Layoffs are subdued, but hiring is flagging too. A string of data on Tuesday came in below expectations, cementing bets on a December rate reduction.
U.K. pound and bond prices rose after the government unveiled a series of tax hikes.
Global stock indexes rallied. Japan’s Nikkei 225 rose 1.8%, while the yen weakened, and South Korea’s Kospi jumped 2.7%.
