Global stock markets paused on Thursday after a four-day advance that erased most of November’s earlier losses. With US cash equity markets closed for the Thanksgiving holiday, investors focused on futures trading and interest rate expectations.
S&P 500 futures stay close to unchanged in late morning New York trading, while Dow Jones and Nasdaq 100 futures also move sideways. The MSCI All Country World Index shows little movement after trimming most of its November loss.
Money markets now assign about an 80% probability to a quarter-point Federal Reserve rate cut next month and imply more reductions through 2026. The shift from last week’s expectations supports equity prices as traders anticipate lower funding costs.
Digital assets added to the improving risk tone. Bitcoin trades above $91,000, while ether hovers near $3,000, signaling a stronger risk appetite.
Furthermore, West Texas Intermediate crude holds near $59 a barrel and spot gold edges lower.
US equity futures show a cautious but supportive mood. Investors watch inflation data and Fed signals instead of extending the rebound aggressively. The 10-year US Treasury yield holds near 3.99%, suggesting bond traders already adjusted to the faster easing path.
Major currencies trade in tight ranges against the dollar. The euro and the British pound sit near recent levels, while the Japanese yen strengthens slightly.
Analysts at Goldman Sachs expect profit and dividend growth to drive equity returns in 2026 if the Fed cuts its policy rate to 3% and US growth stays positive. Rate expectations therefore sit at the center of pricing for US stock markets today and other global assets.
Global stock markets outside the United States post modest moves. The Stoxx Europe 600 index extends its winning streak with a small gain, while Germany’s DAX adds around 0.3%, helped by consumer and financial shares. The MSCI Asia Pacific Index rises, led by technology stocks in Japan and South Korea.
Emerging-market benchmarks show a mixed picture as broad indices hold near flat while some Latin American markets lag. Investors track China’s policy stance and the US rate path, which guide capital flows into developing economies.
In the UK, government bonds give back part of the rally that followed the Autumn budget. The pound and the FTSE 100 index hold steady as markets weigh a larger fiscal buffer against the drag from higher taxes. Platinum reaches a one-month high after a new Chinese futures contract spurs demand interest.
In Asia, the Philippines gains support from S&P Global Ratings, which affirms the sovereign rating at ‘BBB+’ with a positive outlook. The agency expects the country to maintain strong external buffers and continue fiscal consolidation over the next two years despite a temporary slowdown in infrastructure spending.
The decision keeps the Philippines in investment-grade territory and may allow the government to borrow at relatively lower costs. Officials in Manila highlighted that the country’s foreign exchange reserves remain solid and that recent reforms, including tax and investment measures, aim to attract more foreign capital. S&P said it expects Philippine growth to regain momentum from 2026, with medium-term expansion supported by consumption and investment.
Corporate highlights in global markets include:
Puma jumps on reported interest from Anta Sports.
Remy Cointreau and Deutsche Boerse gain on news.
Allfunds Group rises on renewed takeover talk.
Morgan Stanley pays Dutch fine over dividend tax.
China Vanke misses loans, adding to property worries.
Oracle faces higher funding costs amid AI plans.
Also Read: US Stock Market Today: S&P 500 Gains 0.9% as Soft Labor Data Fuels Fed Easing Outlook