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US Stocks Climb as Rate-Cut Bets Keep Rally Alive
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November 26, 2025
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November 26, 2025
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3:50Now PlayingMorgan Stanley Investment Management Senior Portfolio Manager, Andrew Slimmon, discusses how the markets are trading ahead of the Thanksgiving holiday.
US stocks climbed as rising expectations for interest-rate cuts helped carry traders’ newfound optimism into the Thanksgiving break.
The S&P 500 rose 0.5% Wednesday, poised to extend an advance into a fourth session amid broad sector gains. The US benchmark also found technical support by reclaiming its 50-day moving average. Nasdaq 100 also advanced as Nvidia Corp. bounced back from competitive fears over its AI processors. Volatility took a breather ahead of the US holiday with the VIX, Wall Street’s fear gauge, slumping for the fourth day, the longest stretch of declines since early September.
Treasuries softened after inital jobless claims for the week of Nov. 22 fell slightly, defying expectations for a modest increase. The yield on 10-year notes rose two basis points to 4.02%. The dollar edged down.
“Overall it was a stronger-than-expected round of 8:30am data that has reinforced the notion that there are crosscurrents and mixed performance in the real economy,” according to Ian Lyngen at BMO Capital Markets. “That being said, there is nothing within the reports that will derail the FOMC from cutting by 25 basis points on Dec. 10.”
Equities are regaining momentum after early-November jitters over stretched technology valuations prompted a strong pullback. Sentiment has since improved as dovish remarks by Federal Reserve officials revived bets on a December rate cut.
Those expectations strengthened after it emerged that White House National Economic Council Director Kevin Hassett is the leading contender for the next Fed chair — a choice investors see aligning with President Donald Trump’s push for lower rates.
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