Traders drove a rebound on Wall Street as they scooped up stocks at discounted levels, lifting major indexes after a volatile week. The Nasdaq, S&P 500, and Dow all surged on Friday, though each still recorded notable weekly losses amid lingering concerns over valuations and rate outlooks.

Optimism returned thanks to hopes for a resolution in the Russia-Ukraine conflict and dovish signals from Federal Reserve officials. Comments from Governor Christopher Waller and New York Fed President John Williams strengthened expectations for a December rate cut, with the CME Group FedWatch Tool showing an 84.9% probability of easing—a sharp jump from the prior week’s reading.

Semiconductor stocks have helped lead the markets higher, with the Philadelphia Semiconductor Index soaring by 4.6%. Computer hardware and networking stocks witnessed substantial strength, contributing to the surge by the tech-heavy Nasdaq. gold stocks moved sharply higher along with the price of the precious metal, resulting in a 5.8% spike by the NYSE Arca Gold Bugs Index. Airline, brokerage and biotechnology stocks too aw notable strength on the day, moving higher along with most of the other major sectors.

Asia-Pacific stocks moved mostly higher, with the Japanese markets closed for a holiday. Hong Kong's Hang Seng Index shot up by 2.0%, while Australia's S&P/ASX 200 Index jumped by 1.3%. The major European markets turned mixed over the course of the session. While the German DAX Index climbed by 0.6%, the U.K.'s FTSE 100 Index edged down by 0.1% and the French CAC 40 Index dipped by 0.3%.

In the bond market, treasuries extended the upward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.5 bps to a nearly one-month closing low of 4.03%.