U.S. small caps climbed to fresh record highs Tuesday as traders nearly fully priced in a Federal Reserve rate cut at Wednesday's policy meeting.
- SLV ETF is up 110% year-to-date. Check live prices here.
By 12:30 p.m. in New York, the Russell 2000 rose 0.6% to 2,540, extending its breakout as investors rotated into small caps and other rate-sensitive sectors.
The CME FedWatch tool showed a 90% chance of a 25-basis-point cut at the Dec. 10 meeting, while Polymarket odds were even firmer at 95%, signaling broad conviction that the Fed is about to begin easing.
The S&P 500 added 0.3% to 6,865, sitting less than a percentage point from record highs. The Dow Jones Industrial Average gained 0.3% and the Nasdaq 100 inched 0.2% higher to 25,700.
Job openings jumped to 7.67 million in October, topping expectations and easing concerns that the U.S. labor market is cooling too quickly.
Rate-cut expectations continued to fuel a sharp rally across precious metals. Silver advanced nearly 4% to $60.39 per ounce, a new all-time high that pushed its year-to-date gain toward 110%, making it the world's top-performing major asset. Gold rose 0.4% to about $4,210 per ounce, set to break a two-day losing streak.
Precious metal miners continue to outperform with the VanEck Gold Miners ETF (NYSE:GDX) and the Global X Silver Miners ETF (NYSE:SIL) up 3.5% and 4.3%, respectively.
Crypto extended its rebound, with Bitcoin (CRYPTO: BTC) climbing more than 4% above $94,000 and Ethereum (CRYPTO: ETH) surging more than 7%. High-beta tokens, including Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL), posted high-single-digit gains.
Shares of Strategy Inc. (NASDAQ:MSTR) rallied more than 7%, reaching a three-week high.
Tuesday's Performance In Major U.S. Indices
| Major Indices | Price | % Change |
|---|---|---|
| Nasdaq 100 | 25,697.06 | +0.3% |
| S&P 500 | 6,865.00 | +0.3% |
| Dow Jones | 47,898.01 | +0.3% |
| Russell 2000 | 2,539.04 | +0.6% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) inched 0.3% higher to $630
- The SPDR Dow Jones Industrial Average (NYSE:DIA) moved 0.26% down to $476.93
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) edged 0.2% higher to $625.14
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.6% to $252.59
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.4%
- The Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.3%
Russell 1000 – Top 5 Gainers
| Stock Name | % Change |
|---|---|
| Teleflex Incorporated (NYSE:TFX) | +9.98% |
| Strategy Inc. | +7.68% |
| Ares Management Corp. (NYSE:ARES) | +7.11% |
| Circle Internet Group Inc. (NYSE:CRCL) | +5.75% |
| DocuSign, Inc. (NASDAQ:DOCU) | +5.47% |
Russell 1000 – Top 5 Losers
| Stock Name | % Change |
|---|---|
| SLM Corporation (NASDAQ:SLM) | -16.15% |
| AutoZone, Inc. (NYSE:AZO) | -6.99% |
| Graphic Packaging Holding Co. (NYSE:GPK) | -6.26% |
| Ferguson Enterprises (NYSE:FERG) | -5.95% |
| Summit Therapeutics Inc. (NASDAQ:SMMT) | -4.98% |
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