Wall Street is cloaked in green in the session leading up to Thanksgiving, with the S&P 500 index reaching 4,560 points, a level closely watched by analysts, at midday trading in New York.
The S&P 500 is currently testing the downward trendline that connects the highs of January 2022 to the highs of July 2023. All-time highs are less than 6% away from the current levels.
The CBOE Volatility Index, known as VIX, has dropped below the 13 mark, presently assessing the lower bounds of the 2020-2023 range, suggesting an exceptionally low degree of anxiety in the market.
Among tech giants, NVIDIA Corp. (NASDAQ:NVDA) and Tesla Inc. (NASDAQ:TSLA) lost ground, down 2.3% and 3.7%, respectively. The former is introducing a new price discount for its Model Y, while the latter issued a warning about declining sales in China despite reporting strong financial results.
Peer Advanced Micro Devices Inc. (NASDAQ:AMD) saw an almost 4% increase, marking the best performance among S&P 500 stocks. Microsoft Corp. (NASDAQ:MSFT) reached an all-time high of 378.9.
The latest economic data released today paints an improving picture in the mortgage market, lower-than-expected jobless claims, and an upward revision in the University of Michigan Consumer Confidence index for this month. The U.S. dollar index rose by 0.3%, while Treasury yields held steady.
Crude oil prices dropped over 2% as the OPEC+ cartel postponed the meeting scheduled for this Sunday due to disputes over members’ output, leading to the energy sector’s underperformance.
Wednesday’s US Index Performance
| Index | Performance (+/-) | Value |
| Nasdaq 100 | +0.55% | 16,021.94 |
| S&P 500 Index | +0.34% | 4,555.28 |
| Dow Industrials | +0.36% | 35,212.38 |
| Russell 2000 | +0.62% | 1,794.34 |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.3% higher to $454.77.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.4% to $352.16.
The Invesco QQQ Trust (NASDAQ:QQQ) was 0.5% higher to $390.38.
The iShares Russell 2000 ETF (NYSE:IWM) rose 0.5% to $177.86, according to Benzinga Pro data.
Chart Of The Day: S&P 500 Bulls Face A Key Resistance Test
Sector, Industry ETFs Performance
Tech and communications services led gains among equity sectors, with the Technology Select Sector SPDR Fund (NYSE:XLK) and the Communication Services Select Sector SPDR Fund (NYSE:XLC) up 0.6%…
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