S&P 500 Registers its 57th Record Closing High this Year – US Market Wrap

The world’s largest stock market reached all-time highs after US jobs data fuelled bets on a December Federal Reserve rate cut.

Equities extended their gains this week, with the S&P 500 setting its 57th closing record in 2024. This year’s surge is approaching 30%, and the American benchmark is on track for its best annual return since 2019. Shorter-dated Treasuries, which are more sensitive to upcoming policy moves, outperformed the rest of the curve. Swap traders anticipated about 20 basis points of easing at the Fed’s December meeting.

US hiring increased, and the unemployment rate edged higher, indicating that the labour market is moderating rather than deteriorating significantly.

The S&P 500 increased 0.2% to around 6,090. The Nasdaq 100 gained 0.9%. The Dow Jones Industrial Average declined 0.3%. Meta Platforms and Alphabet rose as TikTok’s Chinese parent company faces a ban in the United States if it fails to meet a deadline to sell the app. Nvidia weighed on chipmakers, and Qualcomm fell as Apple prepares a modem rollout that will replace components from its long-time partner.