Stocks continue their strong momentum as rate cut optimism persists. Nasdaq 100 hit a record high, eclipsing the previous record of 16,764 established on November 22, 2021. Not only are mega caps stocks like Apple (AAPL), Microsoft (MSFT) and Nvidia (NVDA) contributing to the index’s results, but 92% of total stocks are rising above their respective 50-day moving average.

All sectors, except for Consumer Staples, are trading higher today. Compelling action in Financials is being helped by the strong performance of financial banks.

The Atlanta Fed GDPNow is now up to +2.7% for Q4FY23. Consumer spending is holding strong, while residential investment is now in slightly positive territory.