Happy Monday. Although over half of U.S. equities were in decline today, large caps kept the market on track.
The Dow (+0.64%), S&P 500 (+0.50%), and Nasdaq (+0.43%) continued a four day winning streak, while the Russell 2000 (-0.36%) suffered modest declines. Top of mind for most investors were forthcoming earnings and the Fed rate decision due out tomorrow.
Of course, these gains were dwarfed again by precious metals such as gold and silver, which have continued to benefit from bullish forecasts and climbed amid a tenuous backdrop for U.S. politics and global affairs. Analysts at Societe Generale and Morgan Stanley upgraded gold again today after the precious metal surpassed $5,000 last week. Continuous futures in gold (+0.93% to $5,026.20) and silver (+4.21% to $105.595) both hit records this morning.
Precious metals haven't been the only pocket of unease to watch. In recent trading, the Dollar faced pressure amid unrest of its own, namely worries about intervention in the Japanese Yen and European pensions divesting Treasurys. The Dollar Index sagged 0.55% to 97.06 today. And on the Treasurys note, the 10Y is down 2.6 bips to 4.213% today after Swedish pension fund Alecta was said to have sold "most" of its Treasury holdings last week.
Of course, with the focus being earnings, most investors will be sufficiently distracted this week with reports from Apple, Microsoft, Meta, Tesla, and others. These 'big tech' earnings will also be joined by a wide variety of other large and megacaps --- their results will ultimately have the largest impact on whether the recent success in U.S. equities can stick.
-- Noah Weidner
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