US Stock Market Today: Wall Street surges on Fed rate cut optimism, Dell rises 5.8%, HP dips 2%

Wall Street stocks surged on Wednesday on growing optimism that the US Federal Reserve could cut interest rates in December.

Recent economic figures suggest that the US central bank may cut interest rates further.

The Federal Reserve, having already reduced rates at the previous two meetings, is due to publish its "Beige Book" later on Wednesday, outlining current economic conditions across the United States. These past two reductions were primarily motivated by mounting anxieties surrounding the weak labor market.

At 11:25 a.m. ET, the Dow Jones Industrial Average rose 359.66 points, or 0.76%, to 47,472.11, the S&P 500 gained 55.61 points, or 0.82%, to 6,821.49 and the Nasdaq Composite added 212.96 points, or 0.93%, to 23,238.55.

At 09:46 a.m. ET, the Dow Jones Industrial Average rose 280.84 points, or 0.60%, to 47,393.29, the S&P 500 gained 39.66 points, or 0.58%, to 6,804.90 and the Nasdaq Composite gained 163.29 points, or 0.71%, to 23,188.89.

At the opening bell, the Dow Jones Industrial Average rose 83.7 points, or 0.18%, to 47,196.15. The S&P 500 rose 27.7 points, or 0.41%, to 6,793.55​, while the Nasdaq Composite rose 137.6 points, or 0.60%, to 23,163.194.

In the bond market, the yield on the 10-year Treasury rose to 4.03% and the yield on the 2-year Treasury rose to 3.49%.

Key Stock Movers

Dell Technologies stock rose 5.8% after the firm’s quarterly forecasts surpassed expectations.

HP Inc. stock fell 2% after the computer and printer maker announced it would eliminate about 10% of its workforce globally as it pivots toward artificial intelligence to boost efficiency.

Deere & Company shares fell 5.1% after the company reported a drop in fourth-quarter profit and projected a fall in 2026 income compared with 2025.

Urban Outfitters shares jumped 11.7% after the retailer’s earnings exceeded Wall Street forecasts.

Bullion Market

Gold prices advanced on Wednesday on expectations that the Federal Reserve will cut rates next month.

At 9:25 a.m. ET (1425 GMT), spot gold edged up 0.3% at $4,144.06 per ounce. US gold futures for December delivery were flat at $4,140.30 per ounce.

Among other metals, spot silver gained 1.5% to $52.19 per ounce, platinum added 0.6% at $1,562.96, while palladium rose 0.7% to $1,407.50.

Crude Oil

Oil prices on Wednesday steadied after closing at a one-month low in previous session on White House optimism that a Ukrainian peace deal is getting closer. Brent was near $62 a barrel.

US President Donald Trump said “there are only a few remaining points of disagreement,” as he sent negotiators to more meetings, while the Ukrainian leader’s chief of staff said talks in Geneva had laid a “good foundation.”