British News Agency

The decline in technology stocks throughout November pressured Wall Street amid concerns that artificial-intelligence-related valuations were excessively high and uncertainty around Federal Reserve policy. However, weak U.S. economic data and dovish signals from policymakers boosted expectations that the Fed will continue cutting rates, drawing bargain hunters back into the market toward the end of the month.

Markets are currently pricing in an 87% chance of a 25-basis-point cut in December, with three more cuts expected next year. U.S. markets were closed Thursday for Thanksgiving and will close early on Friday at 1 p.m.

The dollar index steadied around 99.6 on Friday, halting its recent decline and heading toward ending the month little changed. On a weekly basis, however, the index fell about 0.5% as investors increased expectations for ongoing Fed rate cuts.

Markets now price roughly an 87% chance of a 25-basis-point December cut and expect three further cuts next year. Expectations strengthened following reports that White House National Economic Council Director Kevin Hassett is the leading candidate for the next Fed chair — a choice viewed as consistent with President Donald Trump’s preference for low interest rates.

Safe-haven demand for the dollar also weakened amid expectations that ongoing talks over a potential peace agreement in Ukraine could strengthen the euro. The New Zealand dollar recorded its strongest weekly gain after the Reserve Bank of New Zealand signaled the end of the current easing cycle.