Equity markets advanced on Wednesday, setting a new three months ahead of the Thanksgiving Holiday. The move is partly due to a gain in Microsoft driven by the reinstatement of Sam Altman to the held of OpenAI. Shares of Microsoft moved up to set a new all-time high on the news and could head higher. The company is establishing itself as a rival to AI powerhouse NVIDIA and will likely build on the momentum gained in 2023.

The S&P 500 closed with a gain near 0.5%, but the move wasn't strong. The index tests resistance at a critical level and has difficulty advancing above it. If the market doesn't commit soon, bearish traders could come back to the market. In this scenario, the index is capped at critical levels and below the all-time high, where it is likely to remain range-bound. With the holiday shopping season looking like a bust, it's unlikely the S&P 500 will set new highs soon without a change to the fundamentals. That won't come without a change in the FOMC policy stance, which isn't likely until next year.