Markets Rally Across Equities, Bonds, FX, and Gold as Tech Stocks Surge

Market Overview

U.S. equities extended gains for a second straight session as dovish comments from Federal Reserve officials strengthened expectations for a December rate cut. All three major indices closed at one-week highs, with the Nasdaq jumping 2.7%, marking its strongest single-day performance in six months. The S&P 500 posted its largest gain in six weeks.

Tech stocks led the rally in full force. Tesla rebounded nearly 7%, leading the “Magnificent Seven,” while Google surged more than 6% and Apple set another all-time high. Semiconductor names soared, with the PHLX Semiconductor Index up 4.6% and Broadcom surging 11%.

Chinese ADRs outperformed as well, with the index rising 2.8%, beating major benchmarks.

In fixed income, U.S. Treasury prices advanced for a second day, pushing the 10-year yield to a new monthly low.

The U.S. Dollar Index weakened intraday, retreating from six-month highs. Offshore RMB briefly slipped beyond 7.11, but options positioning showed the strongest bullish sentiment in 14 years.

Crypto assets continued their rebound—Bitcoin reclaimed $89,000, and Ethereum gained nearly 9% at one point.

Commodities also moved higher. Crude oil reversed earlier declines to finish up over 1%, while gold climbed more than 1% to a one-week high.

Key Themes to Watch● Goldman Sachs: A December Rate Cut Is “All but Certain”

Goldman Sachs latest report argues that a December rate cut is “all but inevitable,” noting that both the next nonfarm payrolls report and the CPI release are scheduled after the December FOMC meeting—meaning few obstacles remain.

The bank expects additional cuts in March and June 2025, citing:

• Core PCE inflation nearing the Feds 2% target

• Signs of labor-market softening, including rising unemployment among recent college graduates

• Increasing downside risks accumulating across economic indicators

● Fed Governor Waller Turns Dovish

Federal Reserve Governor Christopher Waller, widely viewed as a leading contender for the next Fed Chair, signaled strong support for a December rate cut.

Speaking on Fox Business, Waller said:

“My main concern is the labor market—it goes directly to our dual mandate. Thats why I support cutting rates at the next meeting. By January, once we receive a wave of new data, we may shift to a meeting-by-meeting approach.”

He added that tariff-related inflation pressures are “not significant” and are likely to be “one-off.”

Data to Watch

(All times in GMT+8 — converted from the original schedule)

21:30 — U.S. ADP Employment Change (Weekly)

21:30 — U.S. Core PPI MoM (%)

21:30 — U.S. Core Retail Sales MoM (%)

22:00 — S&P/Case-Shiller 20-City Home Price Index YoY (%)

22:15 — U.S. Industrial Production MoM (%)

23:00 — U.S. Conference Board Consumer Confidence (November)