Stocks are riding a wave of optimism heading into the Thanksgiving holiday.
Futures rose early Wednesday, as did gauges in Europe and Asia. U.S. indexes rose for a third-straight session yesterday, extending a recovery from last week’s selloff. Rising expectations for an interest-rate cut next month and easing AI bubble fears have helped.
The tech-trade shakeout has led investors to reshuffle bets on artificial-intelligence winners. Shares of Nvidia, long the trade’s frontrunner, have come under pressure, while Alphabet shares have jumped, pushing the Google parent closer to a $4 trillion valuation.
Ahead of the holiday, weekly jobless claims and delayed durable-goods orders for September are due. A string of economic data on Tuesday came in below expectations, cementing bets on a December rate reduction.
In recent trading:
Alphabet shares rose premarket, while shares of Nvidia and rival chip maker AMD fell.
In Asia, Japan’s Nikkei 225 gained 1.9%, while the yen weakened against the dollar. South Korea’s Kospi jumped 2.7%.
U.K. markets were little changed ahead of the government’s much-anticipated budget announcement.