Stocks wrapped up a strong week Friday, with the Nasdaq Composite extending its winning streak to five sessions as rate cut expectations surged and investors warmed up to tech, crypto, and commodities again. But here's the thing: despite the rally, the Nasdaq still finished November down almost 2%, while the S&P 500 and Dow squeaked out modest gains for the month.
The weekly numbers tell a more encouraging story. The Dow jumped more than 3% last week, the S&P 500 surged nearly 4%, and the Nasdaq climbed over 4%. That's real momentum, driven largely by a dramatic shift in rate cut expectations.
According to CME FedWatch data, traders now see an 88% chance the Federal Reserve will cut interest rates by 25 basis points at its December 10 meeting. That's up from just 50% a week ago. When rate cut odds nearly double in seven days, you're going to see some buying enthusiasm.
Intel Corp. (INTC) led the charge on the S&P 500, jumping over 10% as dip-buyers returned to November's beaten-down tech names. It's classic oversold bounce behavior: stocks get hammered for a month, sentiment shifts, and suddenly everyone wants back in.
Most sectors on the S&P 500 closed higher, with energy, communication services, and consumer discretionary stocks recording the biggest gains Friday. Health care stocks bucked the trend, closing lower.
The final numbers: The Dow Jones closed up around 289 points to 47,716.42. The S&P 500 gained 0.54% to 6,849.09, while the Nasdaq Composite climbed 0.65% to 23,365.69.
On the earnings front, investors are watching for results from MongoDB Inc. (MDB), Vestis Corp. (VSTS), and Credo Technology Group Holding Ltd. (CRDO) today.










