Record Highs Continue for DAX 40, S&P and Dow Jones As Sentiment Remains Positive

Financial markets showed a slight uptick in risk appetite today, with Dax, S&P printing new highs again.

Skerdian Meta•Tuesday, December 3, 2024•2 min read

Financial markets showed a slight uptick in risk appetite today, with Dax, S&P printing new highs again. The most major asset classes reflecting cautious optimism. Commodity-linked currencies, such as the Australian dollar (AUD) and New Zealand dollar (NZD), demonstrated resilience, supported by steady global sentiment.

German 30 (DAX) reaches 20,000

In US equities, the S&P 500 remained unchanged after hitting a record high in the previous session, indicating a period of consolidation as investors paused to reassess valuations. Meanwhile, the Nasdaq saw gains, largely driven by strong performance in technology stocks, with Meta leading the charge.

Dax 40 Chart Daily – A New Record High Above 20,000

Tech Sector Highlights:

Meta Platforms Inc. surged 3.5%, marking the best performance among major tech names. The stock is showing strong momentum as it attempts to break out from a consolidation phase, reflecting investor optimism about its growth prospects.
On the other hand, Intel Corporation (INTC) faced selling pressure, weighed down by negative sentiment surrounding the recent announcement of its CEO’s resignation.

While the broader market appears to be in a holding pattern, today’s moves highlight the divergence within sectors as investors react to specific news and corporate developments.

Closing Changes for Major US Indices

S&P 500:
- Increased by 2 points to 6049, marking a new all-time high.
- Gains were supported by strength in large-cap tech stocks and positive investor sentiment.
Nasdaq:
- Advanced by 0.4%, also reaching a fresh record close.
- Led by gains in tech-heavy sectors, particularly in semiconductors and AI-related stocks.
Russell 2000:
- Declined by 0.75%, reflecting continued challenges in small-cap equities.
- Concerns about tighter financial conditions weighed on the broader index.
Dow Jones Industrial Average (DJIA):
- Dropped by 0.2%, as a few heavyweight components underperformed.

US markets saw record highs in the S&P 500 and Nasdaq, fueled by tech sector strength. Small-cap and industrial-heavy indices underperformed, reflecting diverging investor preferences. European indices broadly gained, with notable strength in Spain and Italy, highlighting regional variations in economic optimism, so smaller gains in core states, while the periphery states closed with some decent gains.

Closing changes for European Stock Indices

Stoxx 600:
- Increased by 0.4%, driven by strong corporate earnings reports in industrial and energy sectors.
German DAX:
- Gained 0.5%, supported by robust performance in automakers and manufacturing stocks.
France CAC:
- Rose 0.3%, with luxury goods and financials contributing to the index’s upward momentum.
UK FTSE 100:
- Advanced 0.6%, benefiting from gains in energy and mining stocks as commodity prices rallied.
Spain IBEX:
- Surged 1.1%, outperforming other European indices due to positive sentiment in banking and real estate sectors.
Italy FTSE MIB:
- Climbed 1.0%, bolstered by strong results in financial and industrial companies.

S&P 500 Live Chart

S&P500

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.