(Sharecast News) - This year's Santa Rally appeared to get off to an early start according to some analysts in the City.

"Risk sentiment had been kept in check ahead of the inflation print today, but the news has unleashed fresh buying. Technically the 'Santa Rally' doesn't usually start for a few more days, but the Nasdaq 100 has got its gains in early, surging to a new record high," said IG chief market analyst Chris Beauchamp.

"Interestingly, we have seen the dollar push higher too even though today's figures are unlikely to mean the Fed will swerve from a rate cut next week. But looser rates should mean stronger economic growth, reinforcing the desire of investors to keep investing in the US."

Thus, investors pushed some of 2024's best performing areas of the market higher still, while defensives were left behind.

In the background, Wall Street's tech-heavy Nasdaq indices were notching up fresh record highs.

Precious metals miners topped the leaderboard, with some market commentary referencing geopolitical worries around the world as the chief reason for the gains.

Worth noting, the price of the underlying metals traded sharply higher even as the Greenback strengthened.

The latter was in part the result of the release of a stronger-than-expected reading on US consumer prices for the month of November.

Top performing sectors so far today

Precious Metals and Mining 11,356.70 +5.01%

Leisure Goods 35,107.47 +1.86%

Personal Goods 15,869.92 +1.77%

Aerospace and Defence 11,818.62 +1.71%

Beverages 20,585.57 +1.57%

Bottom performing sectors so far today

Real Estate Investment Trusts 2,056.14 -1.39%

Industrial Transportation 3,965.50 -1.34%

Gas, Water & Multiutilities 5,905.29 -1.20%

Electricity 10,239.82 -1.04%

Telecommunications Service Providers 2,034.42 -1.02%