Benzinga
Published Nov 24, 2023 18:52
Updated Nov 24, 2023 20:10
Stocks Notch 4th Week Of Gains - Tech Falters As Yields Rise; Gold Steady At $2,000: Friday's Market Recap
Benzinga - by Piero Cingari, Benzinga Staff Writer.
U.S. stocks marked their fourth consecutive week of gains, the longest winning streak since June, in a week marked by thinner trading volumes due to the Thanksgiving and Black Friday holidays.
Small-cap stocks outperformed, while tech stocks lagged behind as U.S. Treasury yields surged following better-than-expected services PMI data in November.
Both the 10-year and 30-year Treasury bond yields increased by 7 basis points, resulting in a 1.1% decline in the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT).
The remaining sectors of the S&P 500 saw little movement, with energy and materials slightly outperforming by the end of the session.
Elsewhere, gold held above the psychological $2,000/oz threshold, signaling renewed optimism among investors.
Index | Performance (+/-) | Value |
Nasdaq 100 | -0.12% | 15,982.00 |
S&P 500 Index | +0.06% | 4,559.33 |
Dow Industrials | +0.33% | 35,390.16 |
Russell 2000 | +0.67% | 1,807.50 |
The Communication Services Select Sector SPDR Fund (NYSE:XLC) and the Technology Select Sector SPDR Fund (NYSE:XLK) were the laggards, down 0.4% and 0.2% respectively.
Among industries, oil services, as monitored through the VanEck Oil Services ETF (NYSE:OIH) edged higher by 0.5%.
Solar stocks, as tracked by the Invesco Solar ETF (NYSE:TAN), underperformed, down by 1.4%.
Gold, as monitored through the SPDR Gold Trust (NYSE:GLD), rose 0.4% to $2,000/oz. Silver rallied 2% to $24.30.
European equity indices inched higher. The SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) edged up 1.1%.
Bitcoin (CRYPTO: BTC) was 1.4% up to $37,815, while Ethereum (CRYPTO: ETH) rose 1.8% to $2,099.
Shanthi Rexaline contributed to this report.
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