After witnessing heightened volatility in the run-up to the high-voltage 2024 presidential elections, and the Federal Open Market Committee's (FOMC) rate decision, Fed chair Jerome Powell remained cautious in his approach, but delivered the 25 basis point cut that was widely expected by experts and investors.
Futures
Performance (+/-)
Nasdaq 100
0.34%
S&P 500
0.29%
Dow Jones
0.28%
R2K
1.32%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was up 0.28% to $599.84 and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.28% to $515.57, according to Benzinga Pro data.
Cues From Last Week:
Dow Jones and S&P 500 registered their best week of the year after the election of Trump as the 47th U.S. president.
The S&P 500 surged 4.66% last week, while the Dow gained 4.61% during that period, with both indices recording their best week since Nov. 2023. The Nasdaq, meanwhile, jumped 5.74% during the week.
Most sectors on the S&P 500 closed on a positive note, with consumer staples, utilities, and real estate stocks recording the biggest gains on Friday.
However, materials and communication services stocks bucked the overall market trend, closing the session lower.
Index
Week’s Performance (+/-)
Value
Nasdaq Composite
5.74%
19,286.78
S&P 500
4.66%
5,995.54
Dow Jones
4.61%
43,988.99
Russell 2000
8.47%
2,399.64
Insights From Analysts:
Ari Wald, head of technical analysis at Oppenheimer & Co., noted that the current rally in U.S. equity markets is based on multiple factors and not just the post-election rush due to Trump's victory.
“There's market strength and there's meaningful market strength. ...
