XLK - US Stocks Eye Longest Winning Streak In 2 Years Oil Tumbles: What's Driving Markets Tuesday? | Benzinga
U.S. stocks are attempting to post the longest streak of consecutive positive sessions in over two years.
As of midday trading in New York, both the S&P 500 and the Nasdaq 100 traded in the green, on track to record their respective seventh and eighth straight sessions of gains.
The decline in expectations regarding future interest rates is supporting the market, with traders already pricing in four 25-basis-point rate cuts by December 2024.
Mixed data from China and a record drop in producer prices in Europe have raised the risks of a global slowdown, causing oil prices to drop by 4% in Tuesday’s session and energy stocks to further decline.
Cues From Tuesday’s Trading:
The S&P 500 was 0.2% higher, while blue-chip stocks in the Dow Jones Industrial Average edged 0.1% higher.
Tech once again outperformed, as the Nasdaq 100 rose 0.9%. Small caps in the Russell 2000 eased 0.6%.
US Index Performance On Tuesday
Index Performance (+/-) Value
Nasdaq 100 +0.88% 15,288.23
S&P 500 Index +0.20% 4,374.66
Dow Industrials +0.10% 34,130.50
Russell 2000 -0.60% 1,727.89
Tuesday’s Trading In Major US Equity ETFs
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.2% higher to $436.50.
- The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.1% to $341.42.
- The Invesco QQQ Trust (NASDAQ:QQQ) rose 0.9% to $372.39, according to Benzinga Pro data.
Looking at S&P 500 sector ETFs:
- The Energy Select Sector SPDR Fund (NYSE:XLE) was the laggard, down 2.5%.
- The Technology Select Sector SPDR Fund (NYSE:XLK) rose the most, up 1.1%.
Analyst Color:
“It’s likely that we’ll see some profit-taking now that the strong rally has subsided,” said fund ...