Market Performance - US equities advanced with the Dow Jones Industrial Average rising by 171 points, or 0.4%, the S&P 500 gaining 0.5%, and the Nasdaq Composite advancing 0.7% [2] - The Dow closed more than 660 points, or 1.4%, higher on Tuesday, marking its third consecutive winning session [2] Technology Sector - Strength in major technology names supported the broader market, with Alphabet hitting record highs due to potential future use of its TPU chips by Meta Platforms [3] - Nvidia experienced a decline of more than 2.5% as investors assessed changing dynamics in the AI hardware landscape [3] Economic Indicators - Initial applications for US unemployment benefits fell to 216,000, the lowest level since mid-April, indicating a tight labor market [8] - Continuing claims rose slightly to 1.96 million, suggesting that while hiring has slowed, employers are retaining existing workers [9] Federal Reserve Expectations - Markets are pricing in over an 80% likelihood of a quarter-point rate cut by the Federal Reserve in December, influenced by dovish commentary from policymakers [5] - Kevin Hassett is emerging as a frontrunner for the next Federal Reserve chair, which could further shape expectations for lower interest rates [6][7]