In this episode, we break down the surprisingly powerful “Santa warm-up rally” that hit Wall Street in the thin, post-Thanksgiving trading session — and why so much of it comes down to growing confidence in Federal Reserve rate cuts.

We start with the numbers and the backdrop: US stocks staged an intense post-holiday surge during the abbreviated trading period after Thanksgiving, capping a volatile November with several consecutive days of gains. Major indices pushed higher into the end of the month, helped by renewed optimism that the Fed could be on the verge of easing policy in the months ahead.

From there, we zoom in on the main driver: the market’s conviction that rate cuts are back on the table. The hosts walk through how futures markets and Fed-watch tools have shifted, why traders are increasingly betting on cuts instead of hikes, and how a mix of softer economic data, moderating inflation and changing central bank rhetoric is feeding this new narrative. We unpack what “pricing in rate cuts” actually means for investors and why expectations can sometimes matter more than the current policy rate itself.

The episode then turns sector-by-sector. We look at the outsized role of technology and semiconductor stocks in this latest leg higher, especially companies tied to artificial intelligence, data centers and advanced chips. Tech and AI-linked names once again did the heavy lifting for the indices, raising familiar questions about market concentration, stretched valuations and whether this is the start of a new AI-led leg of the bull market or just another momentum burst that could quickly reverse.

We also touch on the global picture. The hosts highlight how moves in US markets rippled into Europe and Asia, what other central banks are signaling on rates, and how currencies, bonds and commodities responded to the renewed “risk-on” mood.

Not everything went smoothly, though. We walk through a notable disruption: a CME Group data centre issue that temporarily knocked out some futures trading during what was supposed to be a quiet, shortened session. You’ll hear what happened, how quickly markets recovered, and what episodes like this reveal about the hidden plumbing of modern markets — where even a technical outage can briefly rattle prices and liquidity.

Finally, we bring it back to your portfolio. The conversation turns to practical takeaways for:

• Short-term traders trying to ride the post-holiday momentum without getting whipsawed if rate-cut hopes fade.
• Long-term investors and retirees wondering whether to rebalance after another tech- and AI-led run.

We talk about how a rate-cut-driven rally can affect the balance between stocks and bonds, growth versus value, and US versus international exposure. The hosts also discuss sensible ways to participate in the upside while staying mindful of concentration risk, volatility and the temptation to chase what has already run.

If you want a clear, story-driven guide to why stocks are ripping higher after the holidays — and how to respond without getting caught up in the hype — this episode has you covered.

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