Stocks log fourth day of gains ahead of Thanksgiving as tech rebounds: Live updates

Stocks rose on Wednesday, putting the major averages on pace for their fourth straight day of gains ahead of the Thanksgiving holiday.

The Dow Jones Industrial Average gained 388 points, or 0.8%. The S&P 500 climbed 0.9%, while the Nasdaq Composite increased 1%.

The broader market’s gains were bolstered by artificial intelligence player Oracle, which jumped more than 4% after Deutsche Bank reaffirmed its bullish stance on the name. Nvidia shares moved up more than 1%, recovering from a recent pullback, while fellow “Magnificent Seven” member Microsoft traded more than 2% higher.

“It’s simply a snapback to the risk-off action we had in the last week or two, which was completely normal,” said Eric Diton, president and managing director at The Wealth Alliance. “Thanksgiving week is generally a strong week in the markets. Everyone’s feeling good.”

The S&P 500 and the Dow are pacing for their best weeks since late June, with the broad-based index being up more than 3% and the blue-chip Dow rising almost 3% week to date. The tech-heavy Nasdaq has seen a more than 4% gain this week, tracking for its best week since mid-May.

“We’re also coming to the best stretch of the year for stocks – November to April,” he continued. “It’s hard to not stay bullish here.”

Stocks had a winning session on Tuesday despite volatile trading. The 30-stock Dow logged a third consecutive positive day along with the S&P 500 and the Nasdaq. Several tech stocks also climbed higher to lift the broader market. Alphabet hit fresh record highs on a report that Meta Platforms is considering using the Google parent’s TPU chips in 2027. Chipmaker Nvidia shed more than 2.5%, however.

Investors continue to monitor catalysts that could affect the Federal Reserve’s next interest rate move. Traders are pricing in a more than 80% chance of a quarter percentage point cut from the Fed in December, according to the CME FedWatch tool.

“If the Fed disappoints, you could have a sell-off,” Diton said to CNBC. “I don’t think they will.”

Taking a step back, November has proven to be a difficult month for stocks. While the three major averages have trimmed monthly losses with this week’s gains, all are still tracking for a losing month as concerns about elevated valuations have cooled the momentum behind some high-flying tech stocks. The S&P 500 and Dow are both marginally lower on the month, while the Nasdaq is down about 2%.

The stock market will be closed Thursday for Thanksgiving. Trading will resume with a shortened session Friday, when the market will close at 1 p.m. ET.