Good Morning Early, Readers!!
Wall Street staged an impressive comeback on Friday after New York Fed President John Williams signaled that further rate cuts may still be on the table — temporarily easing worries triggered by recent hawkish commentary
Gift Nifty is comfortably in the green after Dow Jones index flared up 493 Points in Friday’s trade.
6:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+107, 26185)
Dow Futures: (+84, 46329)
Nasdaq 100 Futures (+117, 24357)
Nikkei (Closed, 48626)
Hang Seng (Closed, 25220)
Dow Jones (+493, 46245)
Nasdaq Composite (+195, 22273)
Bovespa (-611, 154770).
According to CME FedWatch, the probability of a quarter-point cut when the Fed concludes its next gathering on December 10 is now at 72% – up from 39% one day ago – after Williams, one of the highest ranked Fed officials, said Friday that he sees “room for a further adjustment in the near term” to bring interest rates closer to neutral.
So, Wall Street’s traders are feeling positive due to two main factors:
1) Federal Reserve Rate Cut Expectations: Traders believe that the Federal Reserve may lower interest rates, which typically leads to increased borrowing and spending, boosting the economy and stock market.
2) Optimism Around Nvidia: There’s increased confidence in Nvidia’s potential sales of technology and products to China, which could enhance the company’s revenue and stock performance.
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