US equity indexes rose ahead of the close on Wednesday, heading for the fourth straight day of gains amid thin volumes.
The Nasdaq Composite advanced 1.1% to 23,267.4 on the eve of the Thanksgiving holiday on Thursday, with the S&P 500 up 0.9% to 6,827.9 and the Dow Jones Industrial Average 0.8% higher at 47,509.3. Technology, materials, utilities, and financials were among the top gainers. Communication services and healthcare were the only decliners intraday.
Nasdaq's trading volume stood at 4.8 billion in the final leg of trading, compared with a daily average of about 9.76 billion. The corresponding figures for the S&P 500 were 1.64 billion versus 5.47 billion, and for the Dow were 317.2 million and 524.9 million, respectively.
The CBOE Volatility Index slumped 8.3% to 17.03 intraday, giving up gains accumulated last week when AI capital expenditure and circular funding concerns hit high-growth areas such as technology, communication services, and consumer discretionary.
Volatility receded after New York Fed President John Williams said last Friday he sees room for "further adjustment" to interest rates in the near term. The odds of a 25-basis-point cut in interest rates in December remained elevated at 85% on Wednesday, versus 30% a week ago, according to the CME FedWatch Tool. Recent data has pointed toward economic weakness, supporting monetary policy doves.
In economic news on Wednesday, the September durable goods report from the Census Bureau showed a 0.5% increase in new orders, in line with expectations but below the 3% jump in August, amid weakness in the civilian aircraft segment.
The Institute for Supply Management's Chicago PMI reading fell to 36.3 in November from 43.8 in October, compared with the 43.6 expected in a survey compiled by Bloomberg.
In company news, Miami International (MIAX) signed an agreement to sell 90% of equity in its unit, MIAX Derivatives Exchange, to Robinhood Markets (HOOD), which has a partnership with Susquehanna International. Shares of Robinhood surged past 11%, the top gainer on the S&P 500.