Market Commentary - Foreign Markets
Stocks Rebound as Semiconductors Lead As on : 02-Dec-24  10:17

Following the pullback seen during Wednesday's session stocks moved back to the upside on Friday as trading resumed following the Thanksgiving Day holiday on Thursday.

The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow rose 188.59 points or 0.4% to 44,910.65, the Nasdaq advanced 157.69 points or 0.8% to 19,218.17 and the S&P 500 climbed 33.64 points or 0.6% to 6,032.38.

Semiconductor stocks led the rebound with the Philadelphia Semiconductor Index climbing by 1.5%. semiconductor equipment makers jumped after a report from Bloomberg said the Biden administration is weighing curbs on sales of semiconductor equipment and AI memory chips to China that stop short of stricter measures previously considered. Most of the other major sectors showed more modest moves.

The Labor Department's monthly jobs report is likely to be in focus next week while traders are also likely to keep an eye on reports on manufacturing and service sector activity.

Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index fell by 0.4% while China's Shanghai Composite Index advanced by 0.9%. Major European markets all moved upwards. While the German DAX Index jumped by 1.0% the French CAC 40 Index climbed by 0.8% and the U.K.'s FTSE 100 Index crept up by 0.1%.

In the bond market treasuries are extending the upward move seen during Wednesday's session. As a result, the yield on the benchmark ten-year note which moves opposite of its price is down by 4.8 bps at 4.19%.

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