US stocks ended sharply higher Tuesday, building on a broad rebound fueled by growing optimism that the Federal Reserve will deliver a rate cut next month, while tech heavyweights Alphabet (GOOG, GOOGL) and Apple (AAPL) posted record highs.

Stock futures pointed slightly lower Tuesday, a day after major indexes surged to begin the holiday-shortened week, as Nvidia and other semiconductor shares fell on a report Meta Platforms may use Google's AI chips in their data centers.

Stocks got a boost from easing yields in the bond market. Lower interest rates can cover up many sins in financial markets, including prices going too high, and hopes are strong that the Federal Reserve will cut its main interest rate at its next meeting to juice the economy further.

NASDAQ gained strong upside momentum as traders rushed to buy tech stocks. Broadcom, which was up by 10.3%, was the best performer in the NASDAQ index today. Micron and Tesla were among the biggest gainers in today’s trading session.

Major stock indexes closed sharply higher Friday, but nevertheless posted weekly losses on concerns about AI spending and valuations of big tech firms.

The stock market extended its rally Tuesday ahead Thanksgiving as Wall Street continued its rotation away from artificial intelligence winners. The Dow Jones Industrial Average rose 664 points, or 1.4%.

US stock futures rose on Monday as rate-cut hopes steadied markets after steep November losses. Dow futures gained 0.3%. S&P 500 futures added 0.6%. Nasdaq 100 futures climbed 0.9%. The S&P 500 is still down 3.

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After a mixed start to the day, the three major U.S. stock-market indexes were all trading higher on the day. The Dow Jones Industrial Average was leading the three indexes, with the S&P 500 following and the Nasdaq Composite recently breaking positive.