US stocks sharply rebounded on Friday as the Dow rose 1.2%, the S&P 500 added 1.1% and the Nasdaq climbed 0.8%, after New York Fed President John Williams suggested policy may have room to move closer to neutral and traders lifted the probability of a December rate cut to nearly 70%. Communication services led early advances with Alphabet up 3.3% on momentum around its Gemini 3 model and plans for large data centre investments while Meta (0.9%) firmed and Intuit rallied after strong results. However the tech complex weakened again as the session progressed with Nvidia (-1%) turning lower and joining Microsoft down 1.3% Broadcom down 1.9% AMD down 1.1% and Oracle plunging 5.7% as investors continued to reassess stretched AI valuations. The major indexes still posted weekly losses with the S&P 500 down 2% the Dow down 1.9% and the Nasdaq lower by 3.2% as markets balanced hopes for Fed easing with ongoing volatility across the largest AI names.
India's BSE Sensex closed about 0.5% down at 85,232 on Friday, halting a two-winning streak, amid a global tech-driven selloff. At the same time, latest US jobs data failed to provide clarity on the US Fed rate cut. Fresh domestic data added pressure, after PMI figures showed that India's private sector growth slowed to a six-month low in November on manufacturing's weakness. Meanwhile, optimism around a potential US–India trade deal and sustained foreign inflows lent some support. Tata Steel led the losers, falling 2.7%, followed by HCL Technologies, down 2.3%. Among other laggards, Bajaj Finance and Bajaj Finserv slipped 2.3% and 1.9%, while Eternal and Bharat Electronics fell 1.8% and 1.4%, respectively. For the week, the index posted a 0.8% rise, marking the second straight weekly gain.
