Tech-Led Rally Lifts Global Stocks as Markets Price December Fed Cut

Overview

• Wall Street closed higher with the Nasdaq up 2.69%, the S&P 500 up 1.55% and the Dow up 0.44%, helped by gains in AI-linked tech after John Williams flagged room for near-term cuts and Christopher Waller backed a December move.
• Rate-cut odds for December climbed materially, with trackers showing about 60% earlier in the day and roughly 80%–85% by late session, as Treasury yields edged lower across the curve.
• Brazil’s Focus survey trimmed median inflation forecasts for 2025 and 2026 while keeping the end‑2025 Selic at 15%, and local markets saw futures rates fall and the Ibovespa finish up 0.33%.
• The dollar was little changed against major peers as the yen hovered near multi‑month lows on renewed intervention warnings from Japanese officials and concerns over Japan’s fiscal stance.
• Oil prices reversed early losses to settle higher on risk appetite tied to expected U.S. easing, gold inched up with the Fed in focus, and European equities ended mixed to slightly higher as defense shares fell on Ukraine peace‑talk headlines.