Financials lead S&P 500 higher

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The S&P 500 (^GSPC) has risen about 0.5% pacing for a fresh record close. Financials (XLF) are up more than 0.8% to lead the 11 sectors.

Meanwhile, Utilities (XLU) and Real Estate (XLRE), which had been ripping higher over the past month as investors grew more optimistic about interest rate cuts, continued to lag on Wednesday, extending losses from the day prior.

Both Utilities and Real Estate have struggled in the past few sessions as investors have priced in fewer rate cuts over the next year in reaction to a stronger-than-expected September jobs report last Friday.

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