US stocks rallied amid tech strength and Fed rate cut bets – Newsquawk Asia-Pac Market Open

US stocks rallied in which the SPX reclaimed 6,700 and posted broad-based gains, while the Nasdaq was the outperformer as AI names clawed back some recent losses. Communications jumped 4%, led by Alphabet after more upbeat commentary on its latest AI updates, while tech and consumer discretionary gained about 2.5% (led by Broadcom, AVGO +11%) and 2.0%, respectively. Support also came from firmer expectations of a December rate cut after Fed Governor Waller reaffirmed backing for a 25bps move, and Daly (2027 voter) also endorsed such a reduction. As such, money markets priced a December cut at a 76% probability,…