Stocks End at Records Despite Fed's Rate Hike Resistance
Key Points:
* U.S. stocks reached new highs as investors shrugged off indications that the Federal Reserve will not cut rates anytime soon.
* Equities gained momentum towards the end of trading, despite the Fed's cautious stance Amidst economic growth and persistent inflation.
* Defensive sectors outperformed, while quantum-computing shares surged on Microsoft's new chip announcement.
* Homebuilders declined following weak reports and construction data suggesting a challenging real estate market ahead.
* Yields on 10-year Treasuries fell slightly as officials considered pausing or slowing balance-sheet runoff.
* Key corporate highlights include Apple's iPhone 16e launch, Nikola's bankruptcy filing, and Carvana's strong earnings report.
Market Highlights:
* Stocks: S&P 500: +0.2%, Nasdaq 100: flat, Dow Jones Industrial Average: +0.2%
* Currencies: Bloomberg Dollar Spot Index: +0.2%, Euro: -0.2%, British Pound: -0.2%, Japanese Yen: +0.4%
* Yields: 10-year Treasury Yield: -2 basis points to 4.53%, 10-year German Yield: +6 basis points to 2.56%, 10-year British Yield: +5 basis points to 4.61%
* Commodities: West Texas Intermediate Crude: +0.6%, Spot Gold: unchanged