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Daily Commentary
Commentary prepared by Alloya Investment Services, a division of the wholly owned CUSO of Alloya Corporate Federal Credit Union. Alloya Investment Services is a leading broker/dealer consultant to credit unions.
Tuesday, December 24, 2024 at 8:00 am CT
Commentary prepared by Tom Slefinger, Market Strategist
Market Indications
Other Market Indicators
| Market Indicators | ||
|---|---|---|
| 2s/5s Tsy Spread | 0.10 | +0.01 |
| 2s/10s Tsy Spread | 0.26 | +0.01 |
| 2s/30s Tsy Spread | 0.45 | +0.02 |
| DJIA-30 | 42,906.95 | +66.69 |
| S&P-500 | 5,974.07 | +43.22 |
| NASDAQ | 19,764.89 | +192.89 |
| Dollar Idx | 108.18 | +0.14 |
| CRB Idx | 291.21 | -0.99 |
| Gold | 2,615.10 | +2.63 |
Daily Commentary
Recap – Merry Christmas! In very muted pre-holiday trade, the S&P 500 rallied .73% and is now on track for a 25% advance this year. Notably, the top seven biggest technology stocks (Magnificent 7) accounted for more than 50% of the gains.
In bond land, Treasury yields continued to drift higher with the key 10-year Treasury benchmark rising 2 basis points to 4.61%. At the front-end, the twos and fives closed at 4.34% and 4.45%, respectively. The yield curve (2s/10s) steepened to 26 basis points.
Today will likely be another quiet pre-holiday session. The U.S. stock market will close at 1:00 pm ET while bond markets will close early at 2:00 pm ET.
Happy Holidays to those that celebrate.
The next edition of the morning commentary will be posted on December 27.
Source: Hedgeye
Economic Calendar
December 23-27, 2024: The Week Ahead
Future Fed Expectations
Source: Bloomberg
| Select Probabilities based on the Futures | |
|---|---|
| Probability of Fed Funds rate CUT on January 29, 2025 | -9% |
| Probability of Fed Funds rate CUT on March 19, 2025 | -39% |
**All quoted rates are indications and are subject to change without notice.
* ISI is a member of the FINRA/SIPC.
The information contained herein is prepared by ISI Registered Representatives for general circulation and is distributed for general information only. This information does not consider the specific investment objectives, financial situations or particular needs of any specific individual or organization that may receive this report. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities. All opinions, prices, and yields contained herein are subject to change without notice. Investors should understand that statements regarding future prospects might not be realized. Please contact Alloya Investment Services to discuss your specific situation and objectives.