The global stock market rebounded, tempered by tech-fueled gains as investors grew more confident that the US Federal Reserve may cut interest rates next month, according to a Bloomberg report.

In the US, futures for the S&P 500, which tracks 500 major companies, rose 0.3 percent.

Asian markets also strengthened, led by Hong Kong, where Alibaba’s shares jumped nearly 4.7 percent after its new AI app surpassed 10 million downloads. European markets were also set to open higher.Alphabet Inc. rose more than three percent in premarket trading.

Tech’s cautious comeback followed a volatile week marked by concerns over lofty valuations and whether a debt-fueled investment spree in artificial intelligence will deliver long-term returns

Optimism increased after top Federal Reserve official John Williams said a rate cut in December is still possible. Traders had been worried that the Fed would keep interest rates high for longer.

Market sentiment also improved following reports that US officials are in early talks to allow Nvidia to sell its H200 AI chips to China.

Some Fed officials, however, prefer to wait for more economic data before making a decision.

Meanwhile, Bitcoin had a rough start to the week. After several weeks of heavy selling, the cryptocurrency fell again to around 86,000 dollars, putting it on track for its worst month since 2022.

According to Bloomberg, strategists say that after last week’s volatility, investors will remain cautious. They are unlikely to invest heavily right away, as more market swings could still occur.