Tuesday, December 5, 2023

The S&P 500 and Nasdaq rose as Treasury yields fell

Sept 27 (Reuters) – The S&P 500 and Nasdaq rose on Wednesday as falling Treasury yields lifted mega-cap stocks, as investors awaited developments in the US government funding project and data from this week’s inflation to gauge. the monetary outlook of the Federal Reserve.

* A pullback in two- and 10-year Treasury yields provided some relief to mega-cap growth stocks such as Apple, Nvidia, Meta Platforms and Alphabet, which gained between 0.2% and 1.3%.

* The Dow Jones Industrial Average rose 4.43 points, or 0.01%, to 33,623.31 units, while the S&P 500 added 11.15 points, or 0.26%, to 4,284.68 units. The Nasdaq Composite rose 56.58 points, or 0.43%, to 13,120.19.

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* “When the market falls quickly, as it has for a long time, bargain hunters come in and buy from time to time,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab.

* Energy stocks led gains among major S&P 500 sectors, advancing 1.2% as crude oil prices rose more than 1%, while real estate rose 0.5% after declining nearly 2% on Tuesday.

* All three major stock indexes closed up more than 1% on Tuesday as the 10-year Treasury yield hit a multi-year high, with investors worried about prospects for the long term of high rates, high interest rates and economic decline.

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* “The long-term momentum remains positive, even if we are in a short-term slump, and that is due to many things: high interest rates, high oil prices and the prospect of a shutdown government later this week,” Frederick added.

* The S&P 500 and Nasdaq are on pace to record their worst monthly results so far this year, while all three indexes, including the Dow Jones, are on track to mark their first quarterly decline in 2023.

* For the rest of the week, investors will monitor second-quarter GDP and the monthly price index of personal consumption expenditures, along with statements from Federal Reserve Chairman Jerome Powell.

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