US stocks rose on Wednesday, giving the major averages their fourth straight day of gains heading into the Thanksgiving holiday. The Dow Jones Industrial Average added 314 points, or 0.67%, closing at 47,427. The S&P 500 climbed 0.69% to 6,812, and the Nasdaq gained 0.82% to end at 23,214.
Technology names helped drive the broader market higher. Oracle jumped around 4% after reassurances from brokers, Nvidia recovered more than 1% following a recent pullback, and Microsoft advanced nearly 2%. The three major indices are now pacing for their strongest week since late June, with the Nasdaq up more than 4% week-to-date and the S&P 500 more than 3%.
Tech stocks fuel weekly rebound
Investors saw another strong session on Tuesday, despite intraday volatility. Alphabet touched new record highs on reports that Meta Platforms may adopt Google’s TPU chips from 2027. Nvidia, however, slipped more than 2.5% during the session.
Market sentiment is also being shaped by expectations for the Federal Reserve’s next move. Futures markets now price in an 80% chance of a quarter-point rate cut in December. A softer policy stance has added momentum to the latest recovery phase in US equities after a difficult start to November. Even with this week’s gains, the S&P 500 and Dow remain slightly lower for the month, while the Nasdaq is still down more than 2%.
Thanksgiving trading schedule
US markets will be closed Thursday for Thanksgiving. A shortened session will resume on Friday, with trading finishing at 1pm Eastern Time.
Local outlook
Australian shares are expected to open higher after Wall Street’s continued rebound. SPI 200 futures are up 20 points, or 0.2%, at 8,646, pointing to a firmer start.
Today’s company events include QBE’s results, Hub24’s strategy day, and Downer EDI’s investor day.
On the data front, Australia’s third-quarter private capital expenditure figures will be released at 11:30am. Across the Tasman, New Zealand’s November retail sales and business confidence numbers are also due.
