Fed Official's Comments Dampen Rate-Cut Cheer, European Stocks Close at Record High

The S&P 500 and Dow Jones were subdued in choppy trading after comments from New York Federal Reserve President John Williams dampened optimism about potential rate cuts next year. Williams pushed back on market expectations of rate cuts, stating that the central bank is still focused on bringing inflation back to its 2% target. Despite this, money markets still see a high chance of rate cuts in the coming months. The benchmark S&P 500 is on track for its longest weekly winning streak in over six years.