Waller Supports A December Cut – US Market Wrap

A rally in the world’s largest technology companies drove stocks to fresh all-time highs, with Wall Street traders bracing for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates.

The S&P 500 notched its 54th closing record this year in a narrow advance that saw just a few groups ending higher. The tech-heavy Nasdaq 100 rose more than 1%, Tesla led gains in megacaps and Apple hit a fresh peak. Treasuries pared losses after Fed’s Waller said he’s inclined to vote for a rate cut in December, with swaps pricing in more than 70% of a quarter point cut this month.

The S&P 500 added 0.2%. The Nasdaq 100 rose 1.1%. The Dow Jones Industrial Average fell 0.3%.

Treasury 10-year yields advanced two basis points to 4.19%. The dollar snapped a three-day losing streak amid a currency warning to BRICS nations by President-elect Donald Trump. French bonds and stocks came under renewed pressure after Marine Le Pen pledged to topple Prime Minister Michel Barnier’s government after he failed to meet her demands on a new budget.