US stocks closed higher on Wednesday, with all three major indexes on track for solid weekly gains. Initial jobless claims came in below expectations, while the Federal Reserve’s Beige Book showed that overall US consumer spending has continued to weaken in recent weeks.
Clark Bellin, President and CIO of Bellwether Wealth, said: “The market is trying to rebound from the recent pullback, showing that dip buyers are still active. November’s decline from the late-October high is only about 4 percent, far below a typical 10 percent correction threshold.”
US Treasury Secretary Scott Bessent said Tuesday that President Donald Trump is “very likely” to announce the next Federal Reserve Chair before Christmas. Although Bessent noted that multiple candidates are being interviewed, several media outlets report that Kevin Hassett, head of the White House National Economic Council, has become the frontrunner.
The prospect of Hassett, seen as strongly pro-rate-cut, boosted market expectations for aggressive monetary easing next year. Traders quickly raised their bets on rate cuts, with markets now largely expecting Hassett to deliver the policy direction Trump wants.
US markets will be closed Thursday for Thanksgiving and reopen Friday with shortened trading hours. Investors remain focused on catalysts that could shape the Fed’s next policy decision. CME FedWatch shows an 85 percent probability of a 25-basis-point rate cut at the December meeting. Diton noted, “If the Fed disappoints, we could see selling pressure, though I don’t think that’s likely.”
US Stocks
Large-cap tech stocks were mixed:
Nvidia +1.37 percent, Apple +0.21 percent, Google C −1.04 percent, Microsoft +1.78 percent, Amazon −0.22 percent, Broadcom +3.26 percent, Meta −0.41 percent, Tesla +1.71 percent.
Most major Chinese ADRs gained:
Vipshop +2.54 percent, Pinduoduo +1.58 percent, JD.com +0.96 percent, Li Auto +0.60 percent, New Oriental +0.39 percent, Alibaba +0.38 percent.
Hesai −7.37 percent, Tencent Music −2.33 percent, XPeng −2.22 percent, Baidu −1.31 percent, NIO −0.73 percent.
Market Snapshot:
Dow Jones +314.67 points (+0.67 percent) to 47,427.12
Nasdaq +189.10 points (+0.82 percent) to 23,214.69
S&P 500 +46.73 points (+0.69 percent) to 6,812.61
Hong Kong Stocks
Hong Kong stocks traded higher across the board. By midday, tech stocks were mixed: Xiaomi +3 percent, JD.com +2 percent, Alibaba −2 percent.
New-consumer names rallied, with Pop Mart +8 percent.
China’s new policy initiative aims to expand supply in interest-based consumption such as pet products, anime, street fashion, and collectibles.
Gold miners surged, with Tibet Summit Gold +9 percent. Deutsche Bank’s latest report projects that continued central-bank gold buying and ETF inflows could push gold to 4950 dollars in 2026 and 5150 dollars in 2027.
Market Snapshot:
Hang Seng Index +0.32 percent to 26,011.30
Hang Seng Tech Index +0.13 percent to 5,625.51
China Enterprises Index +0.40 percent to 9,198.70
A50
A-share indexes all rose at midday:
Shanghai Composite +0.49 percent
Shenzhen Component +0.38 percent
ChiNext +0.56 percent
Beijing 50 Index −0.09 percent
Turnover across the Shanghai-Shenzhen-Beijing markets reached 1.097 trillion yuan, down 46.9 billion from the previous day. More than 3,300 stocks advanced.
Active sectors included consumer electronics, semiconductors, and organic silicon, while Hainan and film-cinema sectors pulled back.
Market Snapshot:
Shanghai Composite +0.49 percent to 3,883.01
Shenzhen Component +0.38 percent to 12,956.99
ChiNext +0.56 percent to 3,061.79
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