A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial-intelligence exuberance and dovish Federal Reserve bets.
With only two sessions left before the final closing bell of 2023, the S&P 500 is less than 0.5% away from its record and the Nasdaq 100 is poised for its best year since 1999. As traders ramp up expectations on rate cuts in 2024, the global bond market is marching toward its biggest two-month gain on record.
About a week ahead of the all-important US jobs report, traders weighed data showing initial jobless claims rose by 12,000 to 218,000 in the week ended Dec. 23. The figures tend to be volatile around the holidays.
S&P 500 futures were little changed Thursday, while those on the tech-heavy Nasdaq 100 outperformed. Treasuries lost a bit of steam, with the yield on 10-year bonds trading around 3.8%. Oil retreated on signs the US stockpile keeps building amid thin holiday volumes.
This article was provided by Bloomberg News.
