Tuesday, December 19, 2023, stands now as a remarkable day in Wall Street’s history, as the technology stocks of the Nasdaq 100 mark a significant milestone, surging to new highs after a hiatus of 758 days since their previous peak.
The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:QQQ), hit 16,800 points in early morning trading in New York, marking a year-to-date performance of 54%, the strongest since the dot-com boom of 1999.
Currently, 92% of the stocks in the Nasdaq 100 index have risen above their respective 50-day moving averages, indicating widespread gains in the tech sector.
But the robust bullish sentiment was not limited to tech stocks alone. All 11 S&P 500 sectors traded in the green.
Small caps included in the Russell 2000, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), are once again outperforming large-cap indices, reaching their highest point since August 2022.
The dollar continues to weaken as the markets ignore the warnings from Fed officials. Following presidents John C. Williams, Loretta Mester and Austan Goolsbee, Richmond Fed President Thomas Barkin also joined the list of figures urging caution regarding rate cuts.
Barkin stated the Fed is making good progress in addressing inflation but cautioned it’s too early to discuss rate cuts. He also expressed his belief that inflation is proving to be more persistent than what the average Fed official anticipates.
Treasury yields remain stable with the 10-year yield at 3.90%. Gold, tracked by SPDR Gold Trust (NYSE:GLD), added a 0.7% gain at $2,040/oz., while Bitcoin (CRYPTO: BTC) fell by 1.4%. Oil was on the rise, with WTI trading at $74 per barrel, up by 1.5%.
Chart Of The Day: Nasdaq 100 Rises To Record Highs, Up 54% Year To Date
Tuesday Performance In Major U.S. Indices, ETFs
| Major Indices & ETFs | Price | % Change |
|---|---|---|
| Russell 2000 | 2,012.06 | 1.5% |
| Dow Jones | 37,488.04 | 0.5% |
| S&P 500 | 4,758.69 | 0.4% |
| Nasdaq 100 | 16,780.29 | 0.3% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.4% higher to $474.03, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was 0.5% higher to $374.77 and the Invesco QQQ Trust inched 0.3% up to $408.40, according to Benzinga Pro data.
Sector-wise, the Materials Select Sector SPDR Fund (NYSE:XLB) outperformed, up 1%. Energy, as tracked by the Energy Select Sector SPDR Fund (NYSE:
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