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Wall Street continues to experience a series of memorable days, with the bulls riding the rally with increasing confidence, certain that the Federal Reserve will begin cutting interest rates in September.
Fed futures currently indicate a 100% probability that policymakers will cut interest rates in two months, according to the CME Group‘s FedWatch tool.
This time, blue-chip stocks and gold are stealing the spotlight by breaking their all-time highs, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), have posted their fifth consecutive day in the green, marking their best five-day rally in over four years.
The Dow Jones Industrial Average surged to 40,800 points at 12:30 p.m. ET, up 1.5%, marking its best session since late May. Sector-wise, industrials rose 2.1%, eyeing the strongest one-day gain since October.
The S&P 500 increased marginally by 0.3%, while tech stocks in the Nasdaq 100 slipped by 0.4%, as the rotation from large-cap tech to small-cap and cyclical laggards continues.
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), rose 1.6% to $2,460 per ounce, as Treasury yields sharply fell following Powell’s dovish remarks on Monday and a stagnation in retail sales growth in June. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rallied 1.1%.
Oil prices dropped to $80 a barrel, down 1%, heading for the lowest close in nearly a month.
Bitcoin (CRYPTO: BTC) fell by 0.5%, on track to snap a four-day losing streak.
Image: Benzinga Pro
Major Indices | Price | 1-day % change |
Russell 2000 | 2,240.18 | 2.3% |
Dow Jones | 40,816.48 | 1.5% |
S&P 500 | 5,646.17 | 0.3% |
Nasdaq 100 | 20,296.39 | -0.4% |
According to Benzinga Pro data:
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Photo: Shutterstock
Posted In: $BTC BA BAC DIA DJT GLD GRAL IWM MS MTCH PACB PGR PNC SCHW SPY STT TLT UNH XLE XLI