Stock market today: Dow, S&P 500, Nasdaq end little changed as Wall Street's Fed rate cut conviction runs high

Market Overview - US stocks closed mixed with the Dow Jones Industrial Average dropping almost 0.1%, the S&P 500 rising 0.1%, and the Nasdaq Composite edging up 0.2% as traders anticipated a potential rate cut by the Federal Reserve in December [1] Federal Reserve Expectations - Wall Street is increasingly convinced that the Federal Reserve will ease monetary policy at its upcoming meeting, with an 89% probability of a rate cut priced in by traders following a weaker-than-expected ADP private employment report [3] - Speculation surrounds Kevin Hassett potentially replacing Jerome Powell as Fed chair, which could lead to a more dovish stance at the Fed, although market skepticism remains regarding Hassett's appointment [4] Labor Market Insights - Jobless claims unexpectedly fell to a three-year low, indicating some strength in the labor market, while November saw the highest corporate layoffs in three years [5] Company Performance - Meta's shares rose over 3% as CEO Mark Zuckerberg plans significant cuts to the metaverse unit, while Nvidia's stock gained over 2% [2] - Salesforce shares surged after the company raised its outlook, exceeding analyst expectations, whereas Snowflake's stock fell due to revenue guidance that did not meet expectations [6]