US open: Wall Street continues to push higher

(Sharecast News) - Wall Street's main market indices were adding to the previous session's gains triggered by more dovish than expected interest rate forecasts from the Federal Reserve. As of 1456 GMT, the Dow Jones Industrials was trading up 0.29% at 37,198.18, while the S&P 500 was 0.59% higher alongside to 4,735.45 and the Nasdaq Composite by 0.80% to 14,852.10.

In parallel, the yield on the benchmark 10-year U.S. Treasury note was slipping six basis points lower to 3.961%.

The blue-chip Dow index jumped more than 1% on Wednesday to hit a fresh record high of more than 37,000 after the Federal Open Market Committee hinted that rates will be cut up to three times in 2024, instead of two.

Scope Markets' Joshua Mahony said: "Powell's decision to cut inflation expectations and the outlook for interest rates across 2023, 2024, and 2025 highlighted a bank that is gearing up for a sharp pivot next year.

"The dramatic nature of this shift can be seen through the adjustment in rate cut expectations for March, which has gone from pricing a 40% chance of a rate cut, to 95%. With the Fed now predicted to cut rates by 150-basis point next year, we have seen a sharp uptick in risk assets and precious metals."

Treasury yields, which move inversely to stocks, headed south following Powell's comments, with the benchmark 10-year note down roughly six basis points at 3.967% and its two-year counterpart more than eight basis points lower at 4.349%.

Yet a spate of economic data released on Thursday all came in ahead of forecasts.

Retail sales volumes for November were reported by Commerce at up by 0.3% (consensus: -0.1%), while initial jobless claims for the week ending on 9 December fell by 19,000 to 202,000 (consensus: 220,000).

So too, import prices declined at a month-on-month clip of 0.4% in November (consensus: -0.8%).

In the corporate space, shares of Adobe were down by 7% following somewhat muted guidance for both earnings and revenue in 2024.

Dow Jones - Risers

Goldman Sachs Group Inc. (GS) $378.09 4.23% Caterpillar Inc. (CAT) $278.04 3.76% Dow Chemical Co. (DOW) $54.13 3.44% Walgreens Boots Alliance, Inc. (WBA) $25.45 3.33% Intel Corp. (INTC) $45.91 3.01% 3M Co. (MMM) $106.77 2.48% Home Depot Inc. (HD) $350.04 1.93% Verizon Communications Inc. (VZ) $37.62 1.69% American Express Co. (AXP) $177.39 1.62% Walt Disney Co. (DIS) $94.29 1.57%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $538.20 -1.97% McDonald's Corp. (MCD) $290.50 -1.83% International Business Machines Corporation (CDI) (IBM) $160.97 -1.62% Travelers Company Inc. (TRV) $182.36 -1.54% Merck & Co. Inc. (MRK) $105.46 -1.54% Walmart Inc. (WMT) $152.32 -1.12% Procter & Gamble Co. (PG) $146.94 -1.10% Visa Inc. (V) $259.58 -1.07% Microsoft Corp. (MSFT) $370.48 -1.04% Coca-Cola Co. (KO) $59.54 -0.65%

S&P 500 - Risers

CenturyLink Inc. (LUMN) $1.84 16.39% Nektar Therapeutics (NKTR) $0.52 12.55% Align Technology Inc. (ALGN) $257.09 11.12% Dish Network Corp. (DISH) $4.89 10.02% Citizens Financial Group, Inc. (CFG) $34.69 9.99% Sl Green Realty Corp. (SLG) $49.54 8.97% Zions Bancorporation (ZION) $45.28 8.27% Vornado Realty Trust (VNO) $31.51 7.89% Macerich Co (MAC) $15.71 7.77% Mohawk Inds Inc. (MHK) $104.87 7.47%

S&P 500 - Fallers

Adobe Systems Inc. (ADBE) $586.18 -6.10% Cardinal Health Inc. (CAH) $101.97 -5.62% McKesson Corp. (MCK) $440.00 -4.51% Everest Group (EG) $373.04 -3.57% Gallagher Arthur J (AJG) $236.70 -3.47% Cencora Inc (COR) $197.35 -3.13% Marsh & McLennan Companies Inc. (MMC) $196.09 -2.86% CME Group Inc. (CME) $207.12 -2.83% Progressive Corp. (PGR) $156.05 -2.80% PACCAR Inc. (PCAR) $95.46 -2.65%

Nasdaq 100 - Risers

Align Technology Inc. (ALGN) $257.09 11.12% Dish Network Corp. (DISH) $4.89 10.02% Qurate Retail Inc. (QRTEA) $1.02 7.59% Illumina Inc. (ILMN) $134.79 6.41% Hasbro Inc (HAS) $51.28 6.02% DENTSPLY Sirona Inc. (XRAY) $34.59 3.78% Charter Communications Inc. (CHTR) $392.77 3.54% eBay Inc. (EBAY) $42.50 3.38% Walgreens Boots Alliance, Inc. (WBA) $25.45 3.33% Skyworks Solutions Inc. (SWKS) $112.57 3.30%

Nasdaq 100 - Fallers

Adobe Systems Inc. (ADBE) $586.18 -6.10% PACCAR Inc. (PCAR) $95.46 -2.65% NetEase Inc. Ads (NTES) $104.19 -2.56% O'Reilly Automotive Inc. (ORLY) $960.91 -2.29% Verisk Analytics Inc. (VRSK) $242.26 -2.01% Check Point Software Technologies Ltd. (CHKP) $146.03 -1.84% Mondelez International Inc. (MDLZ) $71.77 -1.83% Gilead Sciences Inc. (GILD) $81.72 -1.64% Fastenal Co. (FAST) $63.22 -1.28% Ross Stores Inc. (ROST) $136.15 -1.18%