US indexes started the holiday-shortened trading week with solid gains, with the “Magnificent Seven” group of stocks benefiting from artificial intelligence leading the gains, pushing the Nasdaq to the top, Reuters reported.
The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to 46,448.27; the S&P 500 gained 102.13 points, or 1.55%, to 6,705.12; and the Nasdaq Composite added 598.92 points, or 2.69%, to 22,872.01.
Volume on US exchanges reached 18.32 billion shares, compared with the 19.94 billion average over the last 20 sessions.
A belated batch of economic data released after a six-week US government shutdown showed a weakening labor market and persistent inflation, reinforcing expectations that the US Federal Reserve will make a third and final interest rate cut of 2025 at its December policy meeting.
Dovish comments from Fed Governor Christopher Waller, New York Fed President John Williams and San Francisco Fed President Mary Daly helped support those expectations, although some other policymakers offered mixed opinions.
The market is leaning toward a December rate cut by the Fed, said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.
Financial markets see an 85% chance of a rate cut, up from 42.4% a week ago, according to CME's FedWatch tool.
Economic data will continue to be released this week, including retail sales, the producer price index (PPI), durable goods orders, along with independent indicators such as Case-Shiller home prices, the Conference Board consumer confidence report and the National Association of Realtors pending home sales data.
Third-quarter earnings season is winding down. As of Friday, nearly 95% of S&P 500 companies had reported, with 83% beating expectations. Analysts now expect third-quarter earnings growth of 14.7% for the group, up from 8.8% on October 1, according to LSEG data.
Of the 11 major sectors in the S&P 500, communication services posted the biggest percentage gain. Consumer staples and energy were the only two sectors to decline.
The US holiday shopping season kicks off this week, with Thanksgiving on Thursday.
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