Sector movers: Cyclicals boosted by expectations for rate cuts in US

7th Mar 2024 02:20

(Sharecast News) - Cyclical areas of the market such as Investment Banking and Brokerage Services or Autos and Parts led to the upside thanks to remarks from Fed chairman Jerome Powell that didn't 'rock the boat'.

In his semi-annual testimony before the lower chamber of the U.S. Congress, the head of the central bank reiterated that he did expect interest rates to start being lowered at some point in 2024.

Big Oil also lent its weight to the advance after the latest weekly data in the States revealed a smaller-than-expected crude oil inventory build.

Medical Equipment and Services meanwhile was boosted Convatec Group's decision to raise its forecasts for medium-term organic growth following a robust performance in 2023, characterised by margin expansion and double-digit profit growth.

Top performing sectors so far today

Investment Banking and Brokerage Services 14,571.08 +2.34%

Medical Equipment and Services 11,333.64 +1.92%

Automobiles & Parts 1,309.35 +1.56%

Oil, Gas and Coal 8,451.85 +1.53%

Food Producers 7,172.13 +1.41%

Bottom performing sectors so far today

Beverages 22,724.90 -1.52%

General Industrials 6,560.02 -0.92%

Telecommunications Service Providers 1,807.32 -0.50%

Personal Care, Drug and Grocery Stores 3,880.43 -0.39%

Media 11,883.30 -0.33%