The S&P 500, Dow Jones, and Nasdaq indexes are all up by over 1% today. Stock markets initially rose due to short covering after comments from NY Fed President John Williams hinting at a rate cut. Concerns over tech stock valuations persist, but support was found after the S&P 500 broke below its 100-day moving average. US Nov consumer sentiment and manufacturing PMI were mixed.

The markets are pricing in a 70% chance of a -25 bp rate cut at the next FOMC meeting. Q3 earnings season is wrapping up with 82% of S&P 500 companies beating forecasts. Overseas markets are down, with Euro Stoxx 50 and China’s Shanghai Composite hitting lows. Interest rates fell as NY Fed President mentioned room for another rate cut.

Bitcoin prices are down over 2% as the crypto market sentiment remains negative. Economic reports, including October employment data, are delayed. Dovish remarks from NY Fed President contrast with hawkish views from other Fed officials. European government bond yields are lower, while Eurozone PMI data falls below expectations.

Retail sales in the UK declined more than expected in October. ECB comments indicate the Eurozone economy is performing better than anticipated. Cryptocurrency-related stocks are under pressure as Bitcoin hits a 7.25-month low. Stock movers include home builders rising on lower bond yields and tech companies like Oracle seeing declines.

Read more at Nasdaq: Stocks Extend Rebound Rally on Dovish Williams Remarks