Tuesday saw a rise in US stocks, with the S&P 500 setting a new record as Wall Street dismissed new data indicating unexpectedly robust growth in the US economy during the summer, which caused investors to reduce their expectations on short-term interest rate reduction.
The S&P 500 (^GSPC) closed at a record 6,909.79 after gaining 0.5%. The Nasdaq Composite (^IXIC), which is heavily focused on technology, increased 0.6%.
The Dow Jones Industrial Average (^DJI), a blue-chip benchmark, increased by about 0.2%. For the fourth consecutive session, the major averages maintained increases.
Silver (SI=F) and gold (GC=F) both kept rising, contributing to an incredible surge that has put the precious metals on track for their strongest year in almost 40 years.
Copper (HG=F) set a new record above $12,000 per ton at the same time. Silver (SI=F) and gold (GC=F) both kept rising, contributing to an incredible surge that has put the precious metals on track for their strongest year in almost 40 years. Copper (HG=F) set a new record above $12,000 per ton at the same time.
Following the announcement, traders reduced their wagers on a January rate reduction. The odds of the Federal Reserve remaining still are currently priced in at over 85%, up from 75% last week and 80% a day ago.
Nevertheless, the majority of bets are still on two cutbacks by the end of the following year. However, as consumers' negative perceptions of the economy continue, the Conference Board's December consumer confidence report on Tuesday morning revealed that the measure was falling for the fifth consecutive month.
Wall Street equities have recovered recently after last week's data, which included an unexpected decline in inflation and a cautious assessment of the labor situation, largely maintained predictions for interest rate reduction in 2026.
In terms of business, Novo Nordisk's (NVO) US-listed stock surged following the Danish pharmaceutical company's official US approval to sell its Wegovy weight-loss tablet.
In the future, US financial markets will close early on Wednesday and remain closed on Thursday due to the Christmas holiday.
