Crude futures settle higher

Oil prices climbed on Thursday.

The West Texas Intermediate for January delivery increased by 72 cents, or 1.22 percent, to settle at 59.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery went up 59 cents, or 0.94 percent, to settle at 63.26 dollars a barrel on the London ICE Futures Exchange.

U.S. stocks were relatively unchanged on Thursday as investors consolidated recent gains amid growing certainty that the Federal Reserve will deliver a 25-basis-point interest rate cut at its Dec 10 monetary policy meeting, the final one of 2025.

The Dow Jones Industrial Average fell by 31.96 points, or 0.07 percent, to 47,850.94. The S and P 500 added 7.40 points, or 0.11 percent, to 6,857.12. The Nasdaq Composite Index increased by 51.04 points, or 0.22 percent, to 23,505.14.

Six of the 11 primary S and P 500 sectors ended in red, with consumer staples and health leading the laggards by losing 0.73 percent respectively. Meanwhile, industrials and technology led the gainers by adding 0.51 percent and 0.43 percent, respectively.

A report released Thursday by Challenger, Gray and Christmas showed that announced corporate job cuts in November pushed the year-to-date total well beyond 1 million, driven primarily by corporate restructuring, the accelerated adoption of artificial intelligence, and tariff-related adjustments. The data followed Wednesday's private payrolls report by Automatic Data Processing, Inc., which revealed an unexpected sharp slowdown in hiring.

These developments have solidified market expectations for monetary easing. According to the CME FedWatch Tool, the probability of a quarter-percentage-point rate cut next Wednesday now stands at 87 percent, a significant increase from weeks ago.

Market analysts noted that the strong year-to-date performance of U.S. equities, combined with the widely anticipated December policy action, has led to a period of consolidation. With the rate cut largely priced in, many expect major indices to trade sideways through year-end before reassessing direction in early 2026.

In corporate developments, Meta Platforms Inc. surged 3.4 percent after Bloomberg reported that the social media giant plans to substantially reduce expenditure on its metaverse initiatives. Among other major technology stocks, Nvidia, currently the world's most valuable listed company, advanced 2.2 percent, while the remaining "Magnificent Seven" large-cap technology names showed mixed performance.

Financial stocks outperformed the broader market, reflecting heightened expectations of a supportive interest-rate environment. JPMorgan Chase rose 1.27 percent, while Wells Fargo and Citigroup both gained 1 percent.

Investors are now turning their attention to key economic data due on Friday. The U.S. Commerce Department will release delayed September figures on personal income, consumer spending, and the personal consumption expenditures price index -- the Federal Reserve's preferred gauge of inflation. Additionally, the University of Michigan will publish its preliminary December consumer sentiment survey.