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The U.S. stock market is poised for its sixth consecutive day of gains, with investor confidence remaining high due to better-than-expected economic growth and expectations for an inflation slowdown.
In the last quarter of 2023, the U.S. economy grew at a 3.3% annualized pace, significantly above the 2% growth economists expected. Other economic data released Thursday revealed a more mixed picture, with durable goods orders stagnating in December and unemployment claims ticking up more than expected last week.
Market-implied expectations on Fed interest rates remain broadly unchanged, with investors assigning a 56% chance of no change in March, followed by six straight cuts by December.
The dollar gained 0.4%, driven by weaknesses in the euro as the European Central Bank flagged recessionary risks.
Treasury yields were mostly lower by about 4 basis points, bringing gains in the fixed-income space. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) was 0.6% higher.
Oil prices rose 2% on lower-than-expected inventory data and further tensions in the Middle East, with the WTI rising to nearly $77 per barrel, the highest in two months.
Bitcoin remained stuck at the $40,000 level, while gold saw some marginal gains.
Major Indices | Price | % |
---|---|---|
Russell 2000 | 1,967.84 | 0.2% |
S&P 500 | 4,879.59 | 0.2% |
Nasdaq 100 | 17,516.46 | 0.1% |
Dow Jones | 37,829.03 | 0.1% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.2% to $486.43, the SPDR Dow Jones Industrial Average (NYSE:DIA) edged 0.1% higher to $378.41 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) inched 0.1% higher to $426.27, according to Benzinga Pro data.
Sector-wise, the Real Estate Select Sector Fund (NYSE:XLRE) outperformed, up 1.2%. The Consumer Discretionary Select Sector Fund (NYSE:XLY) underperformed, down 1.6%, impacted by Tesla.
Among industries, airlines dominated, with the U.S. Global JETS ETF (NYSE:JETS) up 2.7%.
Photo via Shutterstock.
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