S&P 500 Hits New Peak Amid Technical Hurdles and Sector Shifts

Macroeconomic Backdrop Provides Support

The S&P 500 extended its winning streak yesterday, notching a fifth consecutive session of gains and achieving a fresh all-time high. However, the advance was tempered as the index encountered significant technical resistance, capping the bullish momentum. The benchmark closed at a record 6,731.94 points but struggled to overcome a key trendline.

A supportive macroeconomic environment helped underpin the equity market. The yield on the 10-year US Treasury note declined to 4.089%, enhancing the relative appeal of stocks. The US Dollar Index registered modest gains, settling at 97.85. Commodity markets presented a mixed picture: oil prices fell over 2% to $60.50 a barrel, while gold, benefiting from safe-haven demand linked to the US government shutdown, surged to a new record of $3,896.43.

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