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Kicking off the new month, Wall Street continued its strong November momentum, with major U.S. stocks rallying on Friday.
The S&P 500, Dow Jones, and Nasdaq indices are all set for their fifth consecutive week of positive movement. Investor optimism further improved, driven by growing speculation of Fed rate cuts in 2024, despite Fed Chair Powell’s cautious remarks.
The ISM manufacturing activity slowed more than predicted in November, contributing to a marked drop in Treasury yields.
According to CME Group Fed Watch tool, fed futures are currently anticipating the first interest rate cut in March 2024, with a probability of 60%. Furthermore, speculators are factoring in a total of five rate cuts by December 2024, with a probability of 72%.
The U.S. dollar index (DXY) fell 0.4%, partially erasing Thursday’s gain. Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), continued to shine, with the precious metal surging by 1.5% to reach $2,070 per ounce, coming tantalizingly close to its all-time highs.
Index | Performance (+/-) | Value |
Nasdaq 100 | +0.22% | 15,984.29 |
S&P 500 Index | +0.61% | 4,597.30 |
Dow Industrials | +0.79% | 36,202.42 |
Russell 2000 | +0.24% | 1,853.38 |
Chart Of The Day: S&P 500 Index Notches 5th Week Of Gains, Tests July 2023’s Highs
Each S&P 500’s equity sector traded in the green on Friday. Real estate and materials, as tracked by the Real Estate Select Sector SPDR Fund (NYSE:XLRE) and the Materials Select Sector SPDR Fund (NYSE:XLB), were the notable gainers, up 1.7% and 1.5%, respectively.
Technology underperformed, with the Technology Select Sector SPDR Fund (NYSE:XLK) inching only 0.1% higher. Also the Communication Services Select Sector SPDR Fund (NYSE:XLC) was a laggard, flat for the day.
Industry-wise, regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:KRE) rallied 4.7%. Semiconductors, as monitored through the VanEck Semiconductor ETF (NASDAQ:SMH), were unchanged for the day.
The United States Oil Fund, LP (NYSE:USO), which tracks the performance of the light sweet crude, was 0.6% lower.
European equity indices ended Friday positively. The SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) rose 0.7%.
Bitcoin (CRYPTO: BTC) was 2.8% higher to $38,781, while Ethereum (CRYPTO: ETH) rose 1.9% to $2,093.
Shanthi Rexaline contributed to this report.
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