Wall Street Extends Gains: Tech Leads Rally Amid Rate Cut Hopes and Key Earnings

Market Performance - U.S. stock indexes showed solid gains, with the Dow Jones Industrial Average up 0.7% (315 points), S&P 500 also up 0.7%, and Nasdaq Composite leading with a 0.8% increase [2] - Nasdaq is up 4.2% for the week, while S&P 500 and Dow are up approximately 3.2% and 2.6% respectively [2] Economic Sentiment - Positive market sentiment driven by expectations of a Federal Reserve interest rate cut in December, with traders pricing in an 83% probability of such a cut [3] - The yield on the 10-year Treasury note was just below 4.00%, supporting the equity rally [3] Economic Data - Consumer Confidence Index for November fell to 88.7, missing estimates, with the Expectations Index below 80 for ten consecutive months [6] - Pending home sales increased by 1.9% month-over-month but decreased by 0.4% year-over-year [6] Technology Sector Developments - Nvidia shares rose by 1.4% after a previous drop, amid competition concerns in the AI chip market [7] - Alphabet's stock dipped by 1.1% despite reaching an all-time high, following the unveiling of its Gemini 3 AI model [7] - Advanced Micro Devices and Broadcom saw gains of 3.9% and 3.3% respectively, with Broadcom benefiting from Google's demand for AI chips [7] Notable Stock Movements - Apple shares climbed approximately 1%, with a research note predicting it will become the world's No.1 smartphone OEM in 2025 [12] - Dell Technologies advanced about 6% post-earnings after reporting record orders for AI servers [12] - Salesforce declined nearly 3% after a price target cut by Citi [12] - Urban Outfitters stock soared 13% post-earnings after exceeding forecasts [12] - Deere & Co. dropped nearly 6% due to a weak forecast, projecting difficult market conditions [12]