Wall Street is showing cautious gains as the new week begins, despite thetech giants often referred to as the “Magnificent 7” all trading in the red: Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), NVIDIA Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA).
Investors seem to be adopting a more guarded approach in light of significant economic events scheduled for this week. Tuesday will see the release of November inflation data, while the Federal Open Market Committee (FOMC) will kick off its meeting, culminating on Wednesday with the release of the rate statement and Chair Jerome Powell‘s press conference.
Although no changes in interest rates are expected, all eyes are on the Fed’s outlook for 2024, with markets factoring in the possibility of up to five rate cuts by December 2024.
Among the noteworthy movers of the day, Bitcoin (CRYPTO: BTC) experienced a decline of over 5%. According to a report from CoinShares, there has been an uptick in short positions due to recent price appreciation and perceived downside risks. Bitcoin’s downward trend has also pulled down the rest of the cryptocurrency market, with Ethereum (CRYPTO: ETH) down 6%, Cardano (CRYPTO: ADA) down 9%, and Polygon (CRYPTO: MATIC) down 10%. The overall cryptocurrency market has shed $80 billion during this session, resulting in an overall market cap of $1.5 trillion.
Commodities are also exhibiting weakness, with both gold and oil down by 1.3% and 0.6%, respectively. Natural gas tumbled by nearly 7% in a move attributed to milder-than-expected weather forecasts and a higher-than-anticipated reduction in demand through the end of the month.
Monday Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
|---|---|---|
| Nasdaq 100 | 16,167.08 | +0.5% |
| Dow Jones | 36,302.74 | +0.1% |
| Russell 2000 | 1,887.01 | +0.1% |
| S&P 500 | 4,607.92 | +0.1% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $460.87, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.2% to $364.02 and the Invesco QQQ Trust (NASDAQ:QQQ) was 0.6% higher to $394.51, according to Benzinga Pro data.
Sector-wise, industrials outperformed, with the Industrial Select Sector SPDR Fund (NYSE:XLI) up 0.9%. Communication services was the laggard, as…
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