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On November 28, 2023, the S&P 500 Index ($SPX) rose by 0.23%, the Dow Jones Industrials Index ($DOWI) increased by 0.27%, and the Nasdaq 100 Index ($IUXX) went up by 0.34%. This marked 2-week highs for these indexes as the 10-year T-note yield fell to a 1-month low of 3.96%, driving optimism for a potential Federal Reserve rate cut at the December 9-10 meeting, where the chance of a -25 basis point cut rose to 84% from 30% the previous week.
Trading activity was subdued due to a technical outage at the Chicago Mercantile Exchange (CME) that disrupted markets, which resumed at 8:30 AM after being shut since Thursday due to cooling system problems in Aurora, Illinois. Additionally, 83% of S&P 500 companies exceeded earnings forecasts in Q3, with a total earnings increase of 14.6%, significantly higher than the expected 7.2% year-over-year growth.
Energy producers saw gains today as WTI crude rose over 1% to a 1-week high. Notable movers included Devon Energy (DVN), which climbed over 2%, alongside cryptocurrency-exposed stocks such as MARA Holdings (MARA) and Riot Platforms (RIOT), both rising over 5% as Bitcoin reached a 1-week high.
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