Stock Market Jumps Amid Fed Interest Rate Cut Hopes: Ally Financial, Moelis, and Sixth Street Specialty Lending Shares Surge

Several stocks, including P10, Ally Financial, Moelis, and Sixth Street Specialty Lending, surged in the afternoon session following New York Fed President John Williams' comments on a potential Federal Reserve interest rate cut in December. The probability of a December rate reduction increased from 37% to 70%. Lower rates can boost loan demand and reduce default risk, potentially benefiting banks and other financial institutions.