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The S&P 500 ended just above the flat line to notch its 55th record high of 2024, while the Nasdaq Composite outperformed with gains of 0.4% as Apple shares rose to a new record. The Dow Jones underperformed for the second day running, ending 80 points lower.
Positioning in S&P 500 futures is “completely one-sided,” according to Citigroup Inc.’s Chris Montagu.
Wall Street traders also refrained from making riskier bets amid intense volatility in South Korean assets as President Yoon Suk Yeol said he will lift a martial law decree — hours after his dramatic move imposing it.
Just a few days ahead of the US payrolls report, data showed job openings picked up while layoffs eased, suggesting demand for workers is stabilizing. Fed Bank of San Francisco President Mary Daly said a rate cut this month isn’t certain, but remains on the table.
Treasury 10-year yields advanced four basis points to 4.23%. Oil rose as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.
“The US economy continues to hum along, the Fed is on its path to lower interest rates, and earnings growth remains strong,” said Bret Kenwell at eToro.
Kenwell notes that’s a scenario that could continue favoring the small-cap space — with the Russell 2000 being the top-performing major index since the US presidential election.
The gauge gained more than 10% in November alone — the second time it has done so this year after accomplishing the feat in July. Going back to 1979, when the Russell 2000 posted a monthly gain of that magnitude, it was higher 90% of the time six months later with an average gain of 11.4%.
All eyes are on Fed Chair Jerome Powell’s speech today that may shed light on the Fed’s upcoming move on December 18.
(With Inputs From Agencies.)
