The S&P 500 Index ($SPX) (SPY) on Friday closed up by +0.98%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.77%. December E-mini S&P futures (ESZ25) rose +1.00%, and December E-mini Nasdaq futures (NQZ25) rose +0.78%.
US stock indexes recovered from early choppy trading on Friday and settled higher. Semiconductor stocks rallied on Friday, leading the broader market higher, in hopes of a Fed rate cut next month. Dovish comments from New York Fed President John Williams on Friday knocked T-note yields lower and ignited a rally in stocks when he said he sees room for a Fed rate cut in the “near term." His remarks knocked the 10-year T-note yield down to a 3-week low of 4.03% and pushed up the chance of a Fed rate cut at next month’s FOMC meeting to 63% from 35% on Thursday. Stocks also found some support today after the University of Michigan's US Nov consumer sentiment index was revised upward.
