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(Bloomberg) — The S&P 500 is set to continue its advance toward a new all-time high as the prospect of interest-rate cuts and confidence in the economy fuel investors’ appetite for risk.

Futures on the US benchmark rose on Friday after the index closed within 0.5% of a fresh record. The gauge is set for its first back-to-back weekly gain since October, signaling that traders are shaking off November’s jitters over valuations and the lack of visibility on the economy during the data blackout.

Nasdaq 100 contracts climbed 0.4%, while European and Asian gauges also added to the week’s gains. A measure of volatility dropped to the lowest since October. The dollar slipped, while Treasuries steadied. Bitcoin nudged lower toward $91,000.

With a rate cut next week largely priced in and bets pointing to further easing into 2026, investors are gearing up for a year-end rally in what is typically a supportive month for stocks. Growing confidence that the US economy remains resilient, despite softer employment, is also prompting rotations into stocks that tend to benefit from domestic strength.

“Santa will bring presents for everybody, toys for the kids and gains for investors,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Apart from the regular seasonality there are plenty of other reasons supporting the market: rate cuts and ongoing M&A activity are some of them.”

Later on Friday, markets will a get a dated reading on the Federal Reserve’s preferred inflation gauge. The figures will include the personal consumption expenditures price index and a core measure that excludes food and energy.

Economist project a third-straight 0.2% increase in the core index for September. That would keep the year-over-year figure hovering a little below 3%, a sign that inflationary pressures are stable, yet sticky.

While the data is unlikely to derail a December rate cut, it “may change the tone from Chairman Powell,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “If he emphasizes inflation risks in his press conference, markets may reprice the rate trajectory for 2026, thereby increasing the pressure on the long end of the curve and on equity market valuations.”

The September income and spending report — also delayed because of a government shutdown — is due to be released as well.

In a sign that institutional appetite for the world’s largest cryptocurrency remains subdued, BlackRock Inc.’s iShares Bitcoin Trust recorded its longest streak of weekly withdrawals since debuting in January 2024.

Investors pulled more than $2.7 billion from the exchange-traded fund over the five weeks to Nov. 28, according to data compiled by Bloomberg. With an additional $113 million of redemptions on Thursday, the ETF is now on pace for a sixth straight week of net outflows.

In commodities, copper rose to a record after a bullish price outlook from Citigroup Inc. and expectations of a shortage caused by stockpiling in the US. Gold headed for the biggest gain in a week. Brent crude fluctuated near $63 a barrel.

Corporate News

Health-care group Cooper Cos’ shares jumped in premarket trading after a guidance beat and the launch of a strategic review. Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, soared as much as 502% in its Shanghai debut after raising 8 billion yuan ($1.13 billion) in an IPO. Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions. Nvidia Corp. would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday in a bid to codify existing US restrictions on exports of advanced semiconductors to the Chinese market. Swiss Re AG announced its first share buyback in five years while disclosing a $250 million charge. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.3% as of 10:43 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index was little changed The MSCI Emerging Markets Index rose 0.8% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1649 The Japanese yen was little changed at 155.09 per dollar The offshore yuan was little changed at 7.0674 per dollar The British pound was little changed at $1.3338 Cryptocurrencies

Bitcoin fell 0.8% to $91,427.4 Ether rose 0.7% to $3,144.68 Bonds

The yield on 10-year Treasuries was little changed at 4.11% Germany’s 10-year yield was little changed at 2.78% Britain’s 10-year yield was little changed at 4.44% Commodities

Brent crude fell 0.1% to $63.17 a barrel Spot gold rose 0.4% to $4,224.07 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Neil Campling and Sidhartha Shukla.

©2025 Bloomberg L.P.

The European Anti-Fraud Office (OLAF) received a prestigious award from the Association for the Defence of Trademarks (ANDEMA), Spain’s leading industrial property body, in recognition of its outstanding commitment to combating counterfeiting and defending intellectual and industrial property rights across Europe.  

The award was presented during a ceremony held on 27 November in Barcelona, as part of the European Industrial Property Forum. OLAF accepted the honour, underscoring its enduring role in safeguarding a fair, safe and competitive European market.  

“ANDEMA’s recognition is a tribute to the work carried out by OLAF across borders to uphold legality and protect fundamental rights in the internal market. It also reinforces the importance of sustained cooperation with our partners. Our joint expertise and commitment make it possible to fight against increasingly sophisticated counterfeit networks,” said Ernesto Bianchi, Director of Investigations and International Operations at OLAF. 

OLAF’s work in protecting intellectual property and tackling counterfeits is essential for building trust among EU citizens, businesses and institutions. Counterfeits undermine legitimate economic activity and erode confidence in the internal market. Even more worrisome, counterfeits pose serious risks to consumer health and safety, as well as to the environment, because they often bypass quality controls, use hazardous materials and generate untraceable waste. By coordinating effective, cross-border actions with partners such as EUIPO, customs authorities and international stakeholders, OLAF helps ensure that European industry and consumers are shielded from the damaging effects of counterfeits.

In recent years, OLAF has stepped up joint efforts with the European Union Intellectual Property Office (EUIPO) in strategic initiatives tackling some of the most pressing threats such as online counterfeiting and e-commerce fraud, counterfeiting of construction materials as well as everyday products. 

Background

Counterfeits pose a wide range of risks. Beyond economic harm, counterfeits can threaten consumer health and safety, distort competition, and damage technological innovation and job creation. OLAF’s interventions help preserve consumer trust in markets and foster a level playing field for businesses of all sizes. 

Through its investigations, partnerships and anti-fraud strategy, OLAF continues to support a European marketplace that rewards creativity, safeguards legality and protects consumer confidence.