Fed pivot talk lifts Wall Street as markets price 60% chance of December cut; tech sentiment buoyed by Nvidia headlines
Equities found support at the start of the holiday-shortened week after New York Fed President John Williams signaled he would back a December rate cut, pushing futures-implied odds to roughly 60% and easing concerns following Chair Jerome Powell’s recent pushback. Risk appetite improved further on headlines suggesting U.S. authorities may allow Nvidia’s H200 chips to be sold into China, bolstering tech sentiment ahead of thin Thanksgiving liquidity.
Monetary policy repricing steadies sentiment – Powell’s earlier remark that a December move was “not a foregone conclusion” had pinned back risk assets amid a sparse U.S. data run and cautious Fedspeak. – Williams’ comment recalibrated rate expectations, with front-end pricing tilting dovishly and equity futures gaining on the shift in policy trajectory. – With liquidity expected to ebb into the holiday, market positioning is likely to remain sensitive to incremental Fedspeak and any surprise in labor-market prints.
Chip headlines add a tech tailwind – Reports indicating potential clearance for Nvidia’s H200 shipments to China supported the growth complex, easing concerns about a more restrictive export regime. – Any formal guidance on chip policy could influence cross-asset risk, given the sector’s centrality to 2024–2025 performance and earnings revisions.
Data deck: Thanksgiving-thinned but market-moving – The week features the ADP employment report and U.S. consumer confidence on Tuesday, followed by initial jobless claims and durable goods orders on Wednesday. – Trading hours and volumes will be curtailed by the U.S. Thanksgiving holiday on Thursday, increasing the risk of outsized intraday moves in illiquid conditions. – A benign labor signal and stable confidence backdrop would reinforce the current dovish market pricing; upside surprises risk paring cut odds and tightening financial conditions.
S&P 500 technical view — daily The index has rebounded from a key swing area that attracted dip-buyers with tight risk management below recent lows. A sustained hold above that base keeps a retest of the all-time highs in play, while a decisive break lower would open room toward the next support shelf and encourage momentum sellers to re-engage.
S&P 500 — 4-hour A descending trendline continues to cap rallies and define near-term bearish momentum. A pullback into this line may invite sellers to fade strength with risk set just above it. A clean topside break would flip the bias, putting the next trendline resistance in view and encouraging a squeeze higher as shorts cover.
S&P 500 — 1-hour Intraday, a minor support zone carved out during the latest bounce is pivotal. Bulls will likely defend that area on dips for a push toward trendline resistance; bears need a break and hold below to reassert downside momentum and target fresh session lows. Expect range compression into the long weekend, with volatility prone to expand on any data surprise.
Market Highlights – Futures markets now price around a 60% probability of a December Fed rate cut after Williams’ dovish signal. – Risk appetite improved as chip-sector headlines suggested potential U.S. clearance for Nvidia’s H200 sales to China. – Liquidity to thin into Thanksgiving; watch for exaggerated intraday moves. – Key prints: ADP employment and consumer confidence Tuesday; jobless claims and durable goods Wednesday. – S&P 500 holding above a key swing base; descending trendline remains the tactical pivot on lower timeframes.
What are traders focused on this week? – The interplay between a dovish December pricing bias and incoming labor/equipment orders data. With liquidity fading into the holiday, market reactions could be outsized.
How could Fed communication shift the outlook? – Any firm pushback from senior Fed officials could trim the ~60% cut odds and weigh on equities, while reinforcement of Williams’ stance would support risk assets and lower front-end yields.
What does the technical setup suggest for the S&P 500? – The index is stabilizing above a key base, but a descending trendline still caps upside. A break above that line would tilt near-term momentum bullish; a loss of the base would invite a deeper pullback.
Why do Nvidia headlines matter here? – Chip-policy clarity influences the earnings outlook for mega-cap tech and broader growth leadership, a critical pillar for U.S. equity performance and index-level breadth, BPayNews notes.
Last updated on November 24th, 2025 at 10:17 am
