S&P 500 Ekes Out Gain to Notch 55th Record in 2024: Markets Wrap
- Investor positioning is ‘completely one-sided,’ Citigroup says
- Fed’s Daly says December aside, rates should continue falling
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A rally that drove stocks to a series of all-time highs showed signs of exhaustion, with investors awaiting this week’s key jobs report and Jerome Powell’s remarks for clues on whether Federal Reserve officials will cut interest rates in December.
Equities struggled to make much headway, following an over $11 trillion surge in the US equity benchmark this year that sent the gauge near overbought levels. With a negligible gain on Tuesday, the index notched its 55th record in 2024. Positioning in S&P 500 futures is “completely one-sided,” according to Citigroup Inc.’s Chris Montagu.