$DIA, $SPY, $QQQ, $RUTX, $VXX
The S&P 500 (+0.2%) and DJIA (+0.9%) closed at record highs Thursday on rate-cut optimism.
The DJIA hit the 27,000 mark for the 1st time, but the NAS Comp (-0.1%) and Russell 2000 (-0.5%) lagged.
Despite the record highs, Thursday’s session was ranged and the volume light.
The S&P 500 challenged its intra-day high at 3003 from Wednesday, which is also its all-time high, but was unable to surpass it as the market appeared tired after a big stretch of gainers.
Thursday’s leaders included most of the S&P 500 cyclical sectors.
The industrials (+0.7%), financials (+0.6%), and materials (+0.4%) sectors finished atop the standings. The real estate sector (-1.2%) was the day’s laggard amid higher US Treasury yields.
The markets were higher based on Fed Chairman Powell’s testimony and him confirming what the futures markets have been telling us for a whole month: That we were going to get a rate cut.
Thursday, the major US stock market indexes finished at: DJIA+227.88 at 27088.17, NAS Comp -6.49 at 8196.04, S&P 500 +6.84 at 2999.91
Volume: Trade on the NYSE came in lite at 685-M/shares exchanged
- NAS Comp +23.5% YTD
- S&P 500 +19.7% YTD
- DJIA +16.1% YTD
- Russell 2000 +15.5% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish in here.