Stock indexes closed higher on Wednesday, with the S&P 500, Dow Jones, and Nasdaq 100 all posting gains. Semiconductor stocks led the technology sector higher, boosting the overall market. Optimism about a potential Fed rate cut also lifted stocks ahead of the Thanksgiving holiday. US economic news showed weekly jobless claims at a 7-month low and stronger-than-expected capital goods new orders in September. Meanwhile, US MBA mortgage applications rose slightly. The chance of a Fed rate cut at the December FOMC meeting is now at 80%, up from 30% last week.

In the bond market, 10-year T-notes closed lower on Wednesday, with yields falling slightly to 3.994%. The auction of 7-year T-notes saw weaker demand, weighing on prices. European government bond yields also moved lower. ECB member Vujcic noted balanced risks to growth and inflation in the Eurozone.

In stock news, chip makers like Marvell Technology and ASML Holding NV saw gains, while Urban Outfitters reported strong Q3 sales. Robinhood Markets announced a majority stake in LedgerX, boosting their stock. Dell Technologies raised its revenue forecast, and Oracle saw gains after positive comments from Deutsche Bank. Boeing secured a large contract, while Autodesk reported strong billings. Ambarella, Nutanix, and Zscaler all saw declines after releasing results. Workday, Deere & Co., Salesforce, and HP Inc. also closed lower after their earnings reports.

Overall, Q3 earnings season is wrapping up with strong results from S&P 500 companies. Overseas markets settled mixed, with the Euro Stoxx 50 rising and China’s Shanghai Composite falling. Interest rates and bond yields remained relatively stable, with the markets anticipating a potential rate cut at the next FOMC meeting.

Read more at Barchart: Tech Stocks Lead the Overall Market Higher