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US Stocks Approach Fresh Record With Fed in Focus
Posted
January 6, 2026
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January 6, 2026
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4:41Now PlayingJeffrey Cleveland, Chief Economist at Payden & Regal, debunks the biggest market narratives shaping 2026.
US stocks rose to approach a new record on Tuesday, as investors awaited data that could help shape the Federal Reserve’s interest rate outlook.
The S&P 500 was hovering around a closing high seen in late December, while the tech-heavy Nasdaq 100 Index also climbed. European stocks rose 0.4%. Shares in Asia extended their best-ever start to a year and a gauge of emerging markets hit back-to-back records.
Stock investors have so far been largely unfazed by tensions in Venezuela, extending a three-year bull run that’s been fueled by demand for AI–linked shares. A weaker than expected US Services PMI reading reported on Tuesday boosted rate cut hopes, with business activity and jobs market data due later this week.
“We are waiting for data,” said Emilie Tetard, a cross-asset strategist at Natixis. “Before this data, as macro uncertainty is probably stronger in the US vs. the rest of the world, it’s a good time to put in place the diversification.”
Meanwhile, Richmond Fed president Tom Barkin said Tuesday the policy outlook remains in a delicate balance given the conflicting pressures from rising unemployment and still-high inflation.
Gold climbed 0.8% as the rally in precious metals extended, while silver rose around 5%. Brent crude unwound earlier gains. US Treasury yields crept higher, while the dollar posted a small advance.
Optimism for the S&P 500 remains strong, with the latest Markets Pulse survey predicting another rally following three years of double-digit gains. Such a feat was last accomplished at the end of the previous century.
The US benchmark will climb as much as 20% this year, according to 60% of the 590 respondents to a poll conducted in the last three weeks of December. Less than a third of participants expected losses for the index while only a 10th saw more than 20% in gains.
The S&P 500’s 14-day relative strength index also suggests that US stocks might have further room to run, in contrast with other regions that have surpassed levels typically seen as overbought.
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