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Wall Street is experiencing a risk-on session Friday, with all sectors of the S&P 500 index trading in the green as traders are energized by the now-imminent Federal Reserve rate cut, expected in less than a week.
Both the S&P 500 and Nasdaq 100 are on track for their fifth consecutive session of gains, pushing their weekly performances to 4% and 5.7%, respectively, and fully recouping last week’s losses.
Friday saw small-cap stocks build significant momentum, once again outperforming their large-cap counterparts amid the euphoria over the anticipated Fed rate cuts.
A large overnight bet by a trader on a 50-basis-point Fed rate cut sent the 2-year Treasury yield down by 7 basis points to 3.58%. This puts it on track to close at its lowest level since September 12, 2022.
Market-implied probabilities for a half-point cut surged to as high as 43%, according to CME FedWatch data.
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), continues to extend its historic highs, rising by 1%. Meanwhile, silver has roared ahead with a 3.3% gain, bringing its weekly performance to a stunning 16%, marking its best week since April 2020.
The rally in precious metals has been a boon for miners. The VanEck Gold Miners ETF (NYSE:GDX) has extended its weekly gains beyond 10%, its best performance since March 2023.
Oil prices are cooling off, slipping by 0.4% after Thursday’s sharp rally. In the cryptocurrency market, Bitcoin gained 2.2%, climbing to $59,400 and is on track to close at its highest level since late August.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,182.68 | 2.4% |
Dow Jones | 41,355.75 | 0.6% |
S&P 500 | 5,620.96 | 0.5% |
Nasdaq 100 | 19,484.48 | 0.3% |
According to Benzinga Pro data:
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Image created using artificial intelligence via Midjourney.
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