US Stocks Near Record as Traders Shake Off Caution: Markets Wrap
(Bloomberg) — The S&P 500 is on track to push toward a new all-time high as investors tilt toward risk on growing confidence in the US economy and the prospect of interest rate cuts.
Futures on the US benchmark rose after the index closed within 0.5% of a fresh record. The gauge is set for its first back-to-back weekly gain since October, signaling that traders are shaking off November’s jitters over valuations and uncertainty around the economy during the shutdown’s data blackout.
Nasdaq 100 contracts advanced 0.5%. The dollar slipped. Treasuries continued to tread lower, with the 10-year yield rising one basis point to 4.11%.
With a rate cut next week all but priced in and wagers building for further policy easing into 2026, investors are gearing up for a year-end rally in what is traditionally a supportive month for stocks.
“Santa will bring presents for everybody, toys for the kids and gains for investors,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Apart from the regular seasonality there are plenty of other reasons supporting the market: rate cuts and ongoing M&A activity are some of them.”
Corporate News
Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, soared as much as 502% in its Shanghai debut after raising 8 billion yuan ($1.13 billion) in an IPO. Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions. Nvidia Corp. would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday in a bid to codify existing US restrictions on exports of advanced semiconductors to the Chinese market. Swiss Re AG announced its first share buyback in five years while disclosing a $250 million charge.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.3% as of 8:38 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.5% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index rose 0.8% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.1% to $1.1659 The Japanese yen rose 0.2% to 154.80 per dollar The offshore yuan was little changed at 7.0673 per dollar The British pound rose 0.2% to $1.3353 Cryptocurrencies
Bitcoin fell 0.1% to $92,054.01 Ether rose 1.1% to $3,157.53 Bonds
The yield on 10-year Treasuries advanced one basis point to 4.11% Germany’s 10-year yield advanced one basis point to 2.78% Britain’s 10-year yield was little changed at 4.44% Commodities
Brent crude fell 0.1% to $63.17 a barrel Spot gold rose 0.4% to $4,224.20 an ounce This story was produced with the assistance of Bloomberg Automation.
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