US stocks held their muted momentum on Tuesday, set to close the year relatively near recent record highs as markets assessed the outlook of robust economic growth and rate cuts by the Fed against concerns of exaggerated valuations for AI companies.
The S&P 500, Nasdaq 100, and Dow refrained from deviating too much from the flatline. The thin holiday trading and data schedule removed catalysts for markets, maintaining the spotlight on miners as supply concerns and speculative bets lifted copper and silver futures toward record highs, although Freeport McMoRan extended losses.
In the meantime, tech heavyweights halted their pullback as investors continued to assess the outlook of AI returns and datacenter investments into the upcoming year, taming concerns of a bubble in the sector. Minutes from the Fed's latest meeting will update how divided the FOMC is on future rates and how policymakers gauge risk in overnight funding markets.
Source: Tradingeconomics.com
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