Category: 3. Business

Markets surge despite tech sector shake-up

United States (US) stock markets finished higher on Friday, buoyed by growing confidence that the Federal Reserve (Fed) will cut rates at its 10 December Federal Open Market Committee (FOMC) meeting. In a holiday-shortened week, the Nasdaq 100 surged 4.93%, the S&P 500 gained 3.73%, and the Dow Jones added 1,471 points, or 3.18%.

While all three indices ended the week positively, November’s overall performance was mixed. The S&P 500 and the Dow Jones posted monthly gains, but the Nasdaq 100 snapped a seven-month winning streak, falling by 1.64% in November.

This was largely due to a 12.59% drop in index heavyweight NVIDIA to $177.00, marking its worst month since March. Investors rotated out of the AI chip leader into Alphabet, which surged 13.59% last month to $320.12.

The switch, which appears to have further to run, is being driven by Google Cloud’s 34% revenue surge, fuelled by explosive tensor processing unit (TPU) demand and further boosted by the recent Gemini 3 launch – Google’s most capable multimodal model, optimised for TPU clusters and instantly rolled out across Search.

Key data releases this week

Looking ahead, this week will feature the following releases:

We will monitor the ISM services PMI closely (previewed below), given that services account for approximately 70% – 75% of US gross domestic product (GDP) and the insights it provides into the current state of the labour market.

Although this week is a Fed blackout period, a few key speaking engagements are scheduled: Powell is set to speak on Monday at a memorial event, while Bowman will testify before the House Financial Services Committee on Thursday.

ISM services PMI

Date: Thursday, 4 December at 2.00am AEDT

October’s ISM services PMI delivered a strong upside surprise, rising to 52.4 from 50.0 in September and exceeding consensus expectations of 50.8, the strongest expansion since February 2025.

The only notable weak spot was employment, which remained in contraction at 48.2 (though slightly improved from September’s 47.2), with respondents continuing to express caution around headcount growth despite broader improvement.

Attention now turns to the November release. Consensus anticipates a modest increase to 52.7, but markets will be particularly focused on whether employment weakness persists. If it does, it will reinforce the roughly 86% probability currently priced in for a 25 basis point (bp) rate cut at the 10 December FOMC meeting.

ISM services PMI chart

Stock Futures Little Changed as Traders Enter December

Expectations are running high for a strong December after a volatile November.

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South Korea’s Export Growth Picked Up in November

South Korea’s exports rose at a stronger-than-expected pace in November, backed by brisk demand for semiconductors and a trade deal between Seoul and Washington.

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China Manufacturing Gauge Shows Slightly Firmer Growth Momentum

China’s official factory gauge edged up on stronger production and demand in November, but remained in contraction for an eighth straight month.

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Is America Heading for a Debt Crisis? Look Abroad for Answers

Politics and debt don’t mix well. Americans would be wise to look across the Atlantic to see how tough things can get.

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Since Trump’s Return, Bets on His Brand Have Soured

Stocks and cryptocurrencies tied to the president and his family have tumbled amid a broader rout of riskier assets.

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Why Jewelry Is Outperforming the Rest of the Luxury World

Expensive jewels are the choice of superwealthy households getting even richer from the stock market.

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The Score: Campbell’s, Kohl’s, Alphabet and More Stocks That Defined the Week

Here are some of the major companies whose stocks moved on the week’s news.

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Week Ahead for FX, Bonds: U.S. ISM, ADP Data in Focus as Fed Rate Cut Looks Likely

U.S. ISM surveys on manufacturing and services activity, plus the latest ADP private payrolls, will be watched closely for confirmation that the Federal Reserve could cut interest rates at its next meeting.

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Salesforce, Marvell Technology, Dollar General, Ulta Beauty, and More Stocks to Watch This Week

The first week of the year has a full slate of earnings reports and economic data.

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A Chicago Data Center Overheated-and Shut Down Trade in Key Markets Across the Globe

The outage, which lasted for 10 hours, hit CME’s equity, bond and commodity futures. It also offered a warning.

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Canadian Economy Rebounds by More Than Expected

Canada’s economy recovered far more strongly than anticipated in the latest quarter, pulled out of its decline by a bounce-back in net trade and a surge in defense spending that helped mask weak domestic demand.

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The Fed Is Turning the Corner on Profits. It’s Good for the Treasury.

Higher interest rates have brought a tide of red ink to the bank.

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Japan Plans Extra Bond Issuance That May Fuel Fiscal Fears

Prime Minister Sanae Takaichi’s cabinet on Friday approved a draft supplementary budget for the fiscal year ending March 2026 that is worth 18.303 trillion yen, or about $117.10 billion.

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Silver Shift: How China’s Older Consumers Are Becoming Reliable Spenders

Seniors in China aren’t simply buying the basics. They are demanding high-quality food, health services, and travel.

  (END) Dow Jones Newswires

  November 30, 2025 21:15 ET (02:15 GMT)
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