Stocks Set to Rise on Expectations of Fed Rate Cuts

Stocks are expected to rise on Wednesday as investors anticipate multiple interest rate cuts by the Federal Reserve next year, potentially starting as early as March.

Monitoring Jobs Data and Market Trends

Investors are keeping a close eye on this week's jobs data to gauge any signs of easing in the tight labor market. A decrease in job openings, as revealed in the JOLTS report on Tuesday, has already boosted stock market sentiments. The upcoming U.S. jobs report on Friday and the ADP payrolls report on Wednesday are anticipated to provide further insights.

Nvidia's Collaboration with U.S. Government Benefits Stock

Nvidia saw a 1.2% increase after its CEO, Jensen Huang, stated at a conference that the company has been actively working alongside the U.S. government to develop products that adhere to regulations and can be exported to China. Despite recent tensions between the U.S. and China, including export controls on advanced chips, Nvidia remains a leader in the artificial intelligence market.

Apple's Market Cap Surpasses $3 Trillion

Apple experienced a modest 0.2% increase, pushing its market capitalization above $3 trillion. This comes after the stock reached its highest level since August following a 2.1% gain on Tuesday. Despite lagging behind some tech-giant peers in the "Magnificent Seven," Apple has shown a 9% increase this year since its latest earnings results.

Nio Plans to Spin off Battery Manufacturing Unit

Chinese electric-vehicle maker, Nio, is reportedly planning to spin off its battery manufacturing unit in an effort to become profitable and reduce costs. The company's stock jumped 2% following this news, according to anonymous sources cited by Reuters.

MongoDB Shares Fall Despite Strong Quarterly Results

Cloud-based database software provider, MongoDB, experienced a 4.8% decrease in its shares after reporting quarterly results. While the earnings and revenue surpassed analysts' consensus estimates, Wall Street was hoping for even better results. Despite this setback, MongoDB's stock has seen a significant increase of 120% this year.

Robinhood Gains Ground with Cryptocurrency Trading Surge

Retail investor-focused broker, Robinhood, saw a 2.3% increase in its shares, building on the previous day's rally of 10.3%. The company reported a 75% month-over-month surge in cryptocurrency trading volumes in November. Analysts are optimistic about Robinhood's potential to seize market share from its crypto-focused competitor, Coinbase Global.

British American Tobacco Faces Setback with Impairment Charge

Cigarette producer, British American Tobacco, experienced a 7.9% tumble in its shares after announcing an expected one-off impairment charge of £25 billion ($31.5 billion). The company attributes this charge to macroeconomic trends in the U.S. and its investments in non-combustible products. British American Tobacco owns popular brands such as Lucky Strike and Dunhill.