The Nasdaq 100 index posted its fourth consecutive session in the green on Thursday, closing up 0.6% at 19,576 points and reaching new all-time highs as tech stocks drive broader market gains.
The S&P 500 also recorded its fourth straight positive day, rising 0.2% to a record closing level of 5,433 points, rebounding from a morning dip caused by disappointing unemployment claims data.
In the afternoon, traders regained confidence in risky assets after U.S. Treasury Secretary Janet Yellen expressed optimism about continued progress in disinflation. While Yellen noted easing labor market pressures, she emphasized that the job market remains strong.
The market anticipates a rate cut in September with a probability nearing 70%, and is currently pricing in over 50 basis points of cuts by the end of the year, equivalent to two fully priced rate cuts.
Thursday’s performance among the eleven sectors of the S&P 500 saw technology leading, up 1%, followed by real estate, up 0.5%, both supported by growing expectations of interest rate cuts.
Energy was the biggest laggard, down 0.9%, followed by communication services, down 0.7%.
Sector
1-day %chg
Technology Select Sector SPDR Fund (NYSE:XLK)
1.02%
Real EstateSelect Sector SPDR Fund (NYSE:XLRE)
0.52%
Utilities Select Sector SPDR Fund (NYSE:XLU)
0.19%
Consumer DiscretionarySelect Sector SPDR Fund (NYSE:XLY)
0.13%
Consumer StaplesSelect Sector SPDR Fund (NYSE:XLP)
0.12%
MaterialsSelect Sector SPDR Fund (NYSE:XLB)
-0.03%
Health CareSelect Sector SPDR Fund (NYSE:XLV)
-0.04%
Financial Select Sector SPDR Fund (NYSE:XLF)
-0.10%
IndustrialsSelect Sector SPDR Fund (NYSE:XLI)
-0.64%
Communication Services Select Sector SPDR Fund (NYSE:XLC)
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