Fed-cut odds lifted large-cap tech
Key Points
- Rising odds of a December Fed rate cut lifted risk appetite and concentrated gains in large-cap tech and chip names.
- A CME data-center cooling failure halted futures and options, contributing to thin, choppy trading.
- France's preliminary inflation came in below consensus, easing near-term ECB tightening pressure and supporting modest European gains.
- Brazil's moving-quarter unemployment declined to a series low, and record employment and rising wages were flagged as factors that could bolster domestic demand and influence local bond pricing.
Global Market Summary
U.S. benchmarks finished higher: the S&P 500 (SPX) rose 0.54%, the Nasdaq Composite (^IXIC) gained 0.65% and the Dow (DJIA) added 0.61% as traders priced higher odds of a December Federal Reserve rate cut and short‐session positioning supported large-cap tech and chip names. European markets posted modest gains—CAC 40 (FRA40) +0.29%, FTSE (UKX) +0.27% and DAX (DAX) +0.29%—after preliminary French inflation came in below consensus, easing near‐term ECB tightening concerns. In Asia, Shanghai Composite (000001.SS) rose 0.34% and the Nikkei (NKY) gained 0.17% while the Hang Seng (HSI) slipped 0.34%; the Bank of Japan's outlook update and bond‐market liquidity measures were highlighted in overnight news.
Top Movers
Energy led among sectors with XLE (+1.31%), while healthcare lagged with XLV (-0.49%); tech (VGT +0.71%) and financials (XLF +0.72%) also posted gains. Top equity movers included TMC (+19.38%), EXK (+15.20%) and AG (+12.73%). Key decliners were MENS (-9.36%), ARWR (-8.68%) and NP (-6.68%).
Macro highlights
France's preliminary November inflation printed 0.9% YoY (actual) versus a 1.0% consensus, a softer read that eased near‐term ECB tightening pressure. Germany's monthly labour report showed unemployment fell to 6.1% but noted employment stagnation, a mix that may limit upward wage pressure and temper inflation risks. Brazil's moving‐quarter unemployment declined to 5.4%, the series low since 2012, with record employment and rising wages flagged as factors that could bolster domestic demand and influence local bond pricing.
News that moved markets
Trading was disrupted early by a CME data‐center cooling failure that halted futures and options before resumption, contributing to thin, choppy action in the holiday‐shortened session. Rising odds of a December Fed cut underpinned risk appetite and concentrated gains in select large-cap tech and chip names—Alphabet (GOOGL) and Broadcom (AVGO) were cited as leaders while Nvidia (NVDA) lagged. Leviathan Metals closed an amalgamation (completed). Several announced transactions included Above Food Ingredients' merger advancement with Palm Global and a projected fiscal‐year profit above $30 million, French Bloom's acquisition of its Limoux estate, and INVO Fertility's intent to acquire Family Beginnings.
Key Takeaways
- U.S. benchmarks finished higher as traders priced higher odds of a December Fed rate cut, and short-session positioning supported large-cap tech and chip gains.
- European markets posted modest gains after France's preliminary inflation printed below consensus, easing near-term ECB tightening concerns.
- Energy led sector gains while healthcare lagged, and tech and financials also posted gains; top movers included sizable winners and decliners amid deal news.
- Trading was thin and choppy after an early CME data-center cooling failure halted futures and options; announced M&A and transactions drove notable single-stock moves.
References
- 1. https://x.com/Bank_of_Japan_e/status/1994375935831814432
- 2. https://x.com/Bank_of_Japan_e/status/1994315385844482431
- 3. https://www.cnbc.com/2025/11/27/stock-market-today-live-updates.html
- 4. https://x.com/ecb/status/1994333391433678860
- 5. https://x.com/Barchart/status/1994463975560372260
- 6. https://x.com/Bank_of_Japan_e/status/1994315369411125668
- 7. https://x.com/Barchart/status/1994474665473945713
- 8. https://x.com/ecb/status/1994330749160296851
- 9. https://agenciadenoticias.ibge.gov.br/pt/agencia-noticias/45272-no-trimestre-encerrado-em-outubro-desocupacao-e-de-5-4-menor-taxa-desde-2012.html?lang=pt-BR
- 10. https://www.arbeitsagentur.de/presse/2025-50-arbeitsmarkt-im-november-2025
- 11. https://boj.org.jm/summary-of-decisions-november-2025
- 12. https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251128~60207defdd.en.html
- 13. https://businesspost.ng/featureoped/cbns-303rd-mpc-meeting-a-technocratic-victory-an-economic-setback-and-a-missed-opportunity-on-nigerias-real-crisis/
- 14. https://x.com/FinCENnews/status/1994418595829252174
- 15. https://x.com/Barchart/status/1994208074593096115
- 16. https://x.com/Barchart/status/1994470634965946447
- 17. https://x.com/ecb/status/1994403676493062469
Get premium market insights delivered directly to your inbox.