The First Slice for Tuesday, December 18, 2023
On a high note, U.S. stocks kicked off the final full trading week of 2023, with the Dow Jones Industrial Average achieving its fourth consecutive record high. The S&P 500, on the other hand, was near its two-year peak and just 1.2% away from its all-time high. Investors are now observing whether the stock market’s typical December rally will continue or will encounter exhaustion amidst one of the strongest short-term surges in recent years.
- The Dow Jones Industrial Average closed nearly unchanged at 37,306.02.
- The S&P 500 gained 21.37 points, or 0.5%.
- The Nasdaq Composite climbed 90.89 points, or 0.6%.
The S&P 500’s seven-week winning streak, the longest in six years, has been fueled by optimism that the Federal Reserve will begin cutting interest rates in the coming year. The index has only achieved such a feat 20 times since 1964, extending the streak to eight weeks on 12 occasions. Despite some pushback from Fed officials, the interest-rate futures market still anticipates a significant rate reduction next year, which could support risk assets as bond yields decline.
Additionally, fund managers who had previously been cautious about the macroeconomic environment are now entering the market, potentially contributing to a performance-chasing trend as we approach the end of the year. This, coupled with the fact that retail investors withdrew substantial funds from ETFs and mutual funds despite a strong year for the S&P 500, suggests a continued appetite for equities as we approach year-end.
Amid this financial landscape, the National Association of Home Builders reported an increase in its monthly confidence index, reflecting renewed optimism in the housing market due to falling mortgage rates……….
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