Highlights
Equities edged down Friday in quiet, range-bound trading as the recent advance ran out of steam. The Dow Jones industrial average eased 0.1 percent, the S&P 500 percent declined 0.2 percent, and the Nasdaq lost 0.6 percent. US Treasury long yields rose while oil prices and the dollar declined.
Weakness in megacaps weighed on the major averages but trading was thin and lacked conviction on the last day of the year. The major averages held onto the year's remarkable gains and underlying sentiment remains favorable headed into the new year, largely in response to hopes for lower interest rates in 2024.
Among sectors, only consumer staples outperformed while lagging were consumer discretionary, technology, communications services, and real estate.
Weakness in megacaps weighed on the major averages but trading was thin and lacked conviction on the last day of the year. The major averages held onto the year's remarkable gains and underlying sentiment remains favorable headed into the new year, largely in response to hopes for lower interest rates in 2024.
Among sectors, only consumer staples outperformed while lagging were consumer discretionary, technology, communications services, and real estate.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
