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.
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% |
Sector-wise, industrials outperformed, with the Industrial Select Sector SPDR Fund (NYSE:XLI) up 0.9%. Communication services was the laggard, as the Communication Services Select Sector SPDR Fund (NYSE:XLRE) fell 1%.
Among industries, semiconductors rallied, with the VanEck Semiconductor ETF (NYSE:SMH) up 2.2%. Gold miners, as tracked by the VanEck Gold Miners ETF (NYSE:GDX), fell the most, down 1.5%.
Chart Of The Day: Magnificent 7 Fall In Sync
Stocks In Focus
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