The Dow Jones rallied in today’s session as it closed out its best week since June. Hopes that the Fed may slow the pace of rate hikes helped cool the surge in Treasury yields and created growth in sectors of the market, especially tech.  

Growth sectors of the market bounced back following a slip in the prior day as Treasury yields eased from session highs on expectations that the Federal Reserve could consider slowing the pace of rate hikes. Investors are now estimating a December increase of 50-75 basis points compared to a previous estimate of 75-100. 

The Dow Jones rose 2.5%, the Nasdaq gained 2.31% and the S&P 500 was up 2%. 

The OPEC+ production cuts from two weeks ago took global crude benchmark Brent to less than $2 from triple digit pricing. A level that hasn’t been reached since August. The oil bulls may have to keep on waiting as estimates are that December will now be the month for that, when a G7 price cap on Russian oil comes into force, squeezing the global supply further. 

However, a report today suggested that Russia was in a position to curve the price cap, with large numbers of tankers to ship most of its oil despite efforts from the US to block the route for such shipment in order to curb Moscow’s wartime revenue.  

Corporate updates: 

(Sources: investing.com, reuters.com)