The S&P 500 closed at a new high on Tuesday, marking its 55th record of the year so far. Despite a rally that pushed stocks to all-time highs earlier this year, investors are now cautious as they await key economic indicators and Federal Reserve decisions.
According to Citigroup’s Chris Montagu, positioning in S&P 500 futures is “completely one-sided,” suggesting a clear expectation for further gains. Meanwhile, Federal Reserve official Lisa Daly indicated that interest rates should continue falling, albeit with some caveats.
The market’s momentum has been impressive this year, driven by an over $11 trillion surge in the US equity benchmark. However, with the index near overbought levels, investors are now looking to gauge whether the rally will continue or slow down. The upcoming key jobs report and Jerome Powell’s remarks on interest rate cuts in December will provide crucial insights into the market’s direction.
Source: https://www.bloomberg.com/news/articles/2024-12-02/stock-market-today-dow-s-p-live-updates