Market Overview

US indexes posted weekly gains: Investors all set for holiday season

US indexes posted weekly gains

The US stocks saw a mixed close on Friday, with investors heading into Christmas holiday weekend. They have digested cooler-than-expected inflation data, further strengthening the bets that the US Fed will go for interest rate cuts in 2024. On Friday, all the three indexes were less decisive and saw light trading as the day progressed, post an initial rally. The data released showed that inflation continues to ease and is now closer to the US central bank’s target.

US indexes posted weekly gains

While the US indexes posted weekly gains, Nasdaq joined S&P 500 in the positive territory, with the blue-chip index Dow Jones finishing marginally lower. Small caps were able to outperform broader market, with Russell 2000 closing up by ~0.8%. All 3 frontline indexes saw 8th consecutive weekly gains, and S&P 500 recorded longest weekly winning streak since late 2017 year. For the remaining indexes, Nasdaq and the Dow, this was the longest streak of consecutive weekly gains since start of 2019. With Friday’s close, S&P 500 is now within 1% of record close which it saw in January 2022. If it closes above this level, it should confirm that the benchmark index was in bull market since the index bottomed in October 2022. 

As per CME’s FedWatch tool, financial markets continue to price ~74.1% likelihood that the US Fed should implement 25 bps rate cut in the month of March.

Overall Stock Market Outlook

Since US indexes posted weekly gains, on Friday, The Dow Jones Industrial Average saw a marginal fall of ~18.38 points, or 0.05%, to close the session at ~37,385.97, while S&P 500 saw an increase of ~7.88 points, or 0.17%, to sit at ~4,754.63 levels. The Nasdaq Composite saw addition of ~29.11 points, or 0.19%, to close at ~14,992.97. Out of the 11 major sectors in S&P 500, consumer discretionary was the only sector which closed lower, while consumer staples saw the largest percentage gain. 

Coming to the Indian equities, the positive global trends supported the Indian indexes on Friday. Benchmark BSE Sensex saw an increase of ~241.86 points, or 0.34%, to close the session at ~71,106.96 levels, with broader NSE index gaining ~98.25 points, or 0.46%, to end at 21,353.3, led by the metals index on the subdued U.S. dollar. 

Among the firms listed on Sensex, Wipro was the leader, jumping more than ~6%. HCL Technologies, Tata Motors, Maruti, and Tata Steel were the other winners.

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