It’s shaping up to be a positive Thursday on Wall Street, with risk sentiment remaining robust after the Federal Reserve effectively opened the door to rate cuts in 2024.
The S&P 500 is poised to record its seventh consecutive green session, closing in at just 1.5% away from its all-time highs. The tech-heavy Nasdaq 100 held steady, now less than a percentage point away from its record highs, while Dow’s blue-chip stocks continue to set new record highs.
Notably, small-cap stocks have rallied the most since the Federal Reserve’s meeting, with the Russell 2000 surging over 6% in the last two sessions and breaking above the 2,000-point mark, its highest level since August 2022.
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Treasury yields continue to trend lower, with the 10-year yield dropping to 3.9%, the lowest since late July. Meanwhile, 30-year yields are edging toward 4%, with the iShares 20+ Year Treasury Bond ETF (NYSE:TLT) gaining 2%.
Lower Treasury yields are also driving down mortgage rates, with the 30-year fixed average rate falling to 6.95% as of Dec. 13, according to Freddie Mac data, dipping below 7% for the first time since August.
In response, real estate stocks were the top performers among the S&P 500’s sectors.
In the currency market, the dollar continued to weaken against the euro, as the latter received a more hawkish stance from the European Central Bank, which decided to keep rates unchanged and pushed back against early speculations of rate cuts.
Gold, tracked by the SPDR Gold Trust (NYSE:GLD), continues its ascent, now reaching $2,045 per ounce. Crude oil, as tracked by the U.S. Oil Fund (NYSE:USO), rose by 3.6% to $72 a barrel.
Bitcoin (CRYPTO: BTC) also saw gains, rising by 0.8% to reach $43,180.
Thursday Performance In Major US Indices, ETFs
| Major Indices & ETFs | Price | % Change |
|---|---|---|
| Russell 2000 | 2,000.47 | 3.0% |
| Dow Jones | 37,253.86 | 0.4% |
| S&P 500 | 4,726.96 | 0.4% |
| Nasdaq 100 | 16,562.51 | 0.0% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.4% higher to $472.39, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was 0.4% higher to $373.22 and the Invesco QQQ Trust (NASDAQ:QQQ) edged 0.1% lower to $403.31, according to Benzinga Pro data.
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