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Stocks Soar to Record Highs After Fed Indicates Potential Rate Cuts in 2024

The Federal Reserve’s announcement of potential monetary policy easing in the coming year sparked a buying frenzy on Wednesday, leading to a surge in equity markets. The Dow Jones Industrial Average reached a historic milestone, closing at over 37,000 points, marking a 1.4% increase. Similarly, the S&P 500 and Nasdaq Composite also experienced significant gains, up 1.37% and 1.38% respectively.

The upward trajectory of US equity markets appeared to be challenged by the rainy Brazilian forecasts, which resulted in a drop in soybean futures. Conversely, US crude oil prices increased, while the US dollar index declined for the second consecutive day, and US gold futures climbed higher.

The next day, wheat complex futures soared, and soybean futures declined in response to weather forecasts in Brazil. Corn futures, on the other hand, were higher due to short-covering. The growth of equity markets was attributed to a report on the Consumer Price Index, indicating a 3.1% rise in November, in line with economists’ expectations. However, US crude oil prices declined, while the US dollar index dropped and US gold futures were lower.

The following day, soybean futures experienced a sharp increase due to concerns related to the weather in Brazil. This resulted in a market response, leading wheat futures to decline, and corn futures to reach their lowest levels. Meanwhile, despite the broad-based buying of moderately-sized company stocks, shares of the so-called Magnificent Seven stocks decreased by 0.8% or more. Similarly, US crude oil prices edged higher, the US dollar index increased, and US gold futures declined.

Later in the week, wheat futures saw a decrease following reports of the USDA’s estimations for Brazilian soy production, leading to lower soybean and corn futures. However, US equity markets experienced gains after a Labor Department report revealed a drop in the unemployment rate and an increase in jobs added to payrolls.

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