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US equities closed lower on Wednesday as the risk-off trend persisted, driven by profit-taking after a strong 2023. The energy sector outperformed due to a sharp rise in oil prices, while small-cap shares, particularly the Russell 2000 index, lagged. Economic reports, including JOLTS job openings and the ISM manufacturing report, slightly exceeded expectations. The FOMC minutes from December reiterated that policy rates are likely at or near their peaks. The 10-year yield started at 4% but closed lower at 3.91%. Technology, retail, and banking sectors struggled, contributing to declines in major indices. Elsewhere, European equity markets saw extended losses on Wednesday afternoon, as the STOXX 50 closed 1.5% lower from recent multi-year highs due to rising bond yields and investors digesting key economic data.
Summary for 04.01.2024
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