On Friday, the S&P 500, Dow Jones, and Nasdaq all closed higher, with semiconductor stocks leading the charge on hopes of a Fed rate cut. The 10-year T-note yield dropped to a 3-week low after dovish comments from NY Fed President Williams. Despite early pressure, stocks recovered from recent lows. The US Nov S&P manufacturing PMI and consumer sentiment index were released, with mixed results. Bitcoin prices fell to a 7.25-month low. The BLS delayed several economic reports. The markets are pricing in a 63% chance of a rate cut at the upcoming FOMC meeting.

Q3 earnings season is wrapping up with strong results reported by S&P 500 companies. Overseas markets closed lower on Friday. Interest rates fell on dovish Fed comments. European bond yields also dropped. Economic data from the Eurozone and UK showed a decline. Swaps are pricing in a 3% chance of a rate cut by the ECB. In US stock movements, homebuilders and chip makers rallied, while defense stocks retreated. Several companies reported earnings, with some exceeding expectations and others falling short.

Read more at Barchart: Stocks Rally as Chip Makers Rebound