As the trading day unfolds today, the major US indices show a mixed start, following a week filled with significant events including the presidential election and a Federal Reserve interest rate cut. Investors seem optimistic with President Trump's victory, leading to strong gains throughout the week. However, today we see a slight deceleration in the market momentum. The Dow Industrial Average is up by 85.10 points, translating to a 0.19% increase, reaching 43,814.44 points. Similarly, the S&P 500 Index has risen by 8.02 points or 0.13%, standing at 5,981.12 points. In contrast, the NASDAQ Index has dipped marginally by 15.88 points, a decline of 0.08%, bringing it to 19,253.57 points.
Meanwhile, the small-cap Russell 2000 Index shows a positive trend, gaining 5.14 points, or 0.22%, to 2,387.83 points. Over the course of the trading week, the Russell 2000 and NASDAQ have led the charge, with NASDAQ heading into a potential three-day winning streak. Cumulatively, the Dow Industrial Average has gained 4.24%, the S&P Index is up by 4.47%, NASDAQ has ascended by 5.67%, and the Russell 2000 boasts a 7.97% increase. In terms of yields, today witnesses a downturn, ironic given the context of the week's economic activities. The 10-year yield has decreased across the week, currently pegged at 4.30%, reflecting a drop of 4.3 basis points from yesterday.
The 2-year yield remains static at 4.21%, while the 5-year and 30-year yields have lessened by 2.4 and 5.6 basis points respectively. Comparatively, a week ago, the 10-year yield concluded at 4.38%. This decline in yields suggests investor confidence in the long-term outlook, triggered largely by the ongoing political climate. Exploring other market components, crude oil prices have dipped by $1.48, settling at $70.90, although the weekly assessment shows a rise of approximately $2.40. Gold, another major commodity, has fallen by $17 or 0.64%, currently trading at $2,689.07, down from last week's close of $2,735.80.
On the digital front, Bitcoin presents a stark contrast to traditional markets, witnessing a notable rise, now trading at $75,811 compared to last week's close of $68,738. The cryptocurrency market champions expectations of President Trump as a proponent of digital currencies, driving renewed interest and potentially contributing to these gains. As the trading day progresses, investors navigate the impact of political decisions, economic policies, and market dynamics, making today a pivotal point in the week's financial activities.
