Federal Reserve's Dovish Pivot Boosts Stock Market with Rate Cut Hopes

The Nasdaq 100 had its best day in six months, with a 2.6% rally, driven by changing interest rate expectations. Hopes for a December fed funds rate cut increased, with the futures market raising its odds above 70%. The market rebounded, with Fed Governor Chris Waller and San Francisco Fed's Mary Daly supporting a rate cut, citing concerns for the labor market. The stock market is braced for another year of low inflation and strong returns.