Stocks are riding a wave of optimism heading into the Thanksgiving holiday.
U.S. indexes rose early Wednesday, on track for a fourth session of gains and extending a recovery from last week’s selloff. Rising expectations for an interest-rate cut next month and easing AI bubble fears have helped.
The tech-trade shakeout has led investors to reshuffle bets on artificial-intelligence winners. Shares of Nvidia, long the trade’s frontrunner, have come under pressure, while Alphabet shares have jumped, pushing the Google parent closer to a $4 trillion valuation. However, Nvidia shares rallied early Wednesday, paring the previous session’s losses.
Ahead of the holiday, weekly jobless claims and delayed durable-goods orders for September rolled in. A string of economic 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 mostly gained. Japan’s Nikkei 225 rallied 1.9%, while the yen weakened, and South Korea’s Kospi jumped 2.7%.
