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Wall Street kicked off the week leading up to the Federal Reserve’s Jackson Hole Symposium with a positive momentum as traders anticipate reassuring signals from policymakers about the impending start of interest rate cuts, following further easing of inflation last month.
Both the S&P 500 and the Nasdaq 100 were positive by 1:30 p.m. ET, eyeing their eighth straight session in the green. All the eleven S&P 500 sectors recorded a gain, indicating widespread bullish sentiment.
With the corporate earnings season nearing its end, nearly 95% of S&P 500 companies have already reported results. According to FactSet data, 79% of these companies have delivered a positive earnings per share (EPS) surprise, while 60% have reported better-than-expected revenue. The blended year-over-year earnings growth rate for the S&P 500 stands at 10.9%, marking the strongest growth since Q4 2021.
Growing confidence that the Federal Reserve will begin its monetary easing cycle in September pushed the U.S. dollar index below the 102 level, a threshold last seen on January 2, 2024.
The weakening of the U.S. dollar sparked a rally in emerging-market stocks, with the iShares MSCI Emerging Markets Index Fund (NYSE:EEM) rising 0.9% on Monday, setting it on course for its ninth positive close in the last 10 sessions.
U.S. small caps also rebounded, with the iShares Russell 2000 ETF (NYSE:IWM) climbing 0.7%, breaking above its 50-day moving average and slightly outperforming large-cap indices.
In the commodities market, gold held steady at $2,500 per ounce after hitting record highs on Friday, its best-performing session since December. Oil prices fell 2.4% as the absence of retaliation from Iran against Israel has reduced some of the risk premium in crude prices.
Bitcoin (CRYPTO: BTC) edged 0.5% higher after a 1.8% drop on Sunday.
Major Indices | 1-day %chg |
Russell 2000 | 0.8% |
S&P 500 | 0.5% |
Dow Jones | 0.4% |
Nasdaq 100 | 0.3% |
According to Benzinga Pro data:
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