Newscasts - US Markets Briefing: Small caps join the post-election rally

Nordstrom

25/11/2024 20:00

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Source: 'Reuters - Business videos'

Description: The Russell 2000 joined the Dow and S&P 500 in hitting a new high
on Monday, as markets cheered the choice of Scott Bessent for Treasury
Secretary.
Short Link: https://refini.tv/3ZoMkU0

Video Transcript:

Stocks rise again as small caps join the post-election rally. Welcome to your
US Markets Briefing. I'm Elena Casas. The S&P and the Dow touched record highs
again this Monday, after Donald Trump picked hedge fund manager Scott Bessent
for Treasury Secretary. Bessent is seen as broadly positive for equities since
he's considered a moderate on tariffs. Treasury bond yields fell sharply,
while growth stocks rose. The Russell 2000 also hit a record high, as small
caps joined the rally. One portfolio manager told us earlier markets like the
sound of Bessent's agenda.

He talks about the three 3s getting the deficit down to 3% of GDP, getting oil
production up to 3 million barrels, and getting 3% GDP growth. So, if he's
actually able to achieve that, obviously that would be very good for the
economy and very good for the stock market.

Macy's sank 3% earlier, after delaying the publication of its third quarter
results, blaming an accounting issue and posting preliminary numbers that
showed sales missed expectations. Results are expected on Tuesday, though,
from retailers including Best Buy, Coles, Nordstrom, and Abercrombie & Fitch.
Analysts expect those numbers to broadly show consumers pulling back from
spending at the higher end of the market and choosing discount ranges ahead of
the holiday season. Consumer confidence is also due tomorrow and is expected
to have risen in November, although those figures show a deep partisan divide
in voters views on the economy, we also get the minutes of the latest Fed
meeting. Google illegally dominated online advertising markets, that's
according to the Department of Justice's closing arguments in a Virginia court
today. Google, DOJ lawyers said rigged the rules of the road "and made it
impossible to switch to a competitor." The company could be forced to sell off
its Google ad manager platform if it loses the case. Oil prices fell this
Monday on the news that a ceasefire in Lebanon could be insight, a senior
Israeli official said, Israel's cabinet will meet on Tuesday to weigh a
potential deal with Hezbollah. While Lebanese officials said Beirut had been
told by Washington, the ceasefire could be announced within hours. WTI and
Brent crude slipped more than $2 a barrel, as investors lower bets on supply
disruption from Hezbollah ally Iran. And that's your US Markets Briefing