The Dow hit a new high for the year, up 520 points (+1.47%), driven by a 9.2% jump in Salesforce shares and a moderation in PCE inflation. The S&P 500 gained 0.38%, while the NASDAQ fell 0.23%. October saw a slowdown in PCE inflation measures and a moderation in personal spending, reinforcing expectations that the Fed has finished its tightening cycle, potentially leading to rate cuts in spring 2024. US treasuries lost steam after a historic rally, with the 10Y yield up 7.9bps and 2Y yield up 6.2bps. November marked the strongest performance for the S&P 500 +7.8%, NASDAQ +8.9%, and Dow +8% since late 2022. Among stocks, Nvidia weighed heavily on the S&P 500 and NASDAQ, falling 2.8%. In contrast, data cloud company Snowflake advanced 7.1% on better-than-expected Q4 product revenue forecasts, while Ford slipped 3.1% after setting the cost of a new labour deal at $8.8bn and cut its full-year forecast.

ASX to fall. SPI Futures down 9 points (-0.13%).

• Base metals fell as the USD firmed, and weak China manufacturing data weighed on prices. Nickel -3.09%, Aluminium -0.88%, Zinc -1.08%, Lead -0.86%, and Tin -1.02%.
• Copper hovered near 10-week highs, up 0.42%.
• Oil prices fell after OPEC+ producers agreed to cut oil production for the first quarter of next year. Brent Crude -0.24% and WTI -2.45%.
• 10Y yield: US 4.342%, Australia 4.510%, and Germany 2.455%.
• Gold fell 0.41% in response to a rebound in the greenback.

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