Wall Street kicked off the week with gains as traders see a Federal Reserve cut on Wednesday as a sure thing, while awaiting validation from officials on bets for a series of reductions extending into next year.Equities resumed their record-breaking run, with the S&P 500 topping 6,600. Tesla Inc. soared 7% as Elon Musk bought $1 billion worth of shares. Tariff hopes also aided sentiment, with President Donald Trump saying he would speak Friday with Chinese leader Xi Jinping, following talks between negotiators that resulted in a framework deal to keep ByteDance Ltd.’s TikTok app running in the US.Treasuries rose across the curve, with two-year yields hovering near the lowest levels since 2022. The dollar fell against all major currencies. Money markets are pricing in a quarter-point Fed cut this month, and potentially two more reductions by year-end.A record downward revision to annual US job growth, paired with no surprises in the latest inflation data, sealed the deal for the Fed cut interest rates this week.“With the weakening labor market and inflation seemingly under control, we expect a rate cut starting this week and totaling 100 basis points over the next four meetings through January 2026,” said Brian Buetel at UBS Wealth Management. “The Fed now is looking at a significantly softening labor market as a key concern and priority.”The risk to those wagers is that Fed Chair Jerome Powell and his colleagues signal that investors have gotten ahead of themselves with inflation stubbornly above the central bank’s target and the impact of tariffs still playing out on prices.Corporate Highlights:China ruled that Nvidia Corp. violated anti-monopoly laws with a high-profile 2020 deal, ratcheting up the pressure on Washington during sensitive trade negotiations.Alaska Air Group Inc.’s adjusted third-quarter profit will be at the low end of the carrier’s previous estimate of $1 to $1.40 a share, driven down by a July technology outage and rising fuel prices.Robinhood Markets Inc. is launching a closed-end fund to give US retail investors exposure to private companies.Orsted A/S will offer new shares at a heavy discount as the offshore wind developer pushes ahead with a $9.4 billion rights offering to shore up its finances after a bet on the US market went wrong.Some of the main moves in markets:StocksThe S&P 500 rose 0.4% as of 9:32 a.m. New York timeThe Nasdaq 100 rose 0.4%The Dow Jones Industrial Average was little changedThe Stoxx Europe 600 rose 0.3%The MSCI World Index rose 0.4%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.2% to $1.1760The British pound rose 0.3% to $1.3603The Japanese yen rose 0.3% to 147.29 per dollarCryptocurrenciesBitcoin fell 0.7% to $115,098.69Ether fell 1.8% to $4,537.51BondsThe yield on 10-year Treasuries declined three basis points to 4.04%Germany’s 10-year yield declined two basis points to 2.70%Britain’s 10-year yield declined three basis points to 4.64%The yield on 30-year Treasuries declined two basis points to 4.66%The yield on 2-year Treasuries declined three basis points to 3.53%CommoditiesWest Texas Intermediate crude rose 0.9% to $63.24 a barrelSpot gold rose 0.3% to $3,655.14 an ounce. Read more on Markets by NDTV Profit.