S&P 500, Nasdaq streaks may be flying on fumes
Main U.S. indexes slightly red; Nasdaq off ~0.3%
Healthcare leads S&P 500 sector gainers; Energy weakest group
Euro STOXX 600 index off ~0.3%
Dollar dips; crude, gold both up ~1%; bitcoin up ~2.5%
U.S. 10-Year Treasury yield dips to ~3.84%
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S&P 500, NASDAQ WIN STREAKS MAY BE FLYING ON FUMES
Wall Street's main indexes are dipping early on Tuesday, as bets on a September interest rate cut firmed ahead of the release of minutes from the Federal Reserve's latest meeting on Wednesday, and Chair Jerome Powell's speech at Jackson Hole on Friday.
According to the CME's FedWatch Tool, the probability that the FOMC cuts rates at its September 17-18 meeting is now around 74%, while there is around a 26% chance of a 50 bp reduction.
Looking further out in 2024, there is a bias for rates to be in the 4.25%-4.50% area vs the current target range of 5.25%-5.50%.
S&P 500 .SPX sectors are mixed with healthcare .SPXHC the leading gainer. Healthcare has set a fresh record intraday high and is on track for a record closing high.
The NYSE Composite .NYA has made a new intraday record high, while staples .SPLRCS are on pace for a record close.
Meanwhile, the S&P 500 index is attempting to rise for a ninth-straight day, which is something it hasn't done since November 2004. The SPX last rose more than nine-straight days with a 12-session streak that ended in mid-September 1995.
The Nasdaq composite .IXIC is also shooting for a ninth higher close in a row which is something it hasn't done since mid-December 2023. The composite last rose more than nine-straight days with an 11-session streak that ended in early-November 2021.
Here is a snapshot of where markets stood around 1025 ET/1425 GMT:
(Terence Gabriel)
*****
FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 INDEX: TRYING TO SCORE LONGEST WIN STREAK SINCE 2004 - CLICK HERE
EUROPEAN REAL ESTATE CLOSE TO RECOVERY - UBS - CLICK HERE
CHINA CENBANK TO STICK WITH GRADUAL EASING - BNPP - CLICK HERE
NEW LONGS AND SHORT UNWINDS - CLICK HERE
TECH LIFTS EUROPE, OIL STOCKS TEMPER GAINS - CLICK HERE
MIXED BAG FOR EUROPE - CLICK HERE
ANTICIPATION BUILDS FOR POWELL BLESSING ON RATES - CLICK HERE
earlytradee08202024 https://tmsnrt.rs/4cOCcrv
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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