Good morning, traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
As the final week of 2023 begins, U.S. stock futures are showing a slight increase, indicating a hopeful end to the year for traders. The Dow Jones Industrial Average futures saw a modest rise, while both the S&P 500 and Nasdaq-100 futures experienced gains of 0.1% and 0.2%, respectively. This upward trend suggests a positive mood among investors as the year draws to a close.
Two significant company updates stood out in the pre-market activities. Intel’s stock rose over 2% following the announcement of a $3.2 billion grant from Israel’s government for a major plant project. Additionally, Manchester United’s stock increased by 1.7% after British billionaire Jim Ratcliffe finalized his deal to buy a significant share of the soccer club. These developments highlight the active movements in specific sectors of the market.
The U.S. stock market has been experiencing a positive momentum, with the S&P 500 registering its longest weekly winning streak since 2017. Both the Dow and Nasdaq also followed suit with eight consecutive weeks of gains. This upbeat trend is partly fueled by recent data indicating a move towards the Federal Reserve’s 2% inflation target, and the anticipation of potential rate cuts. This combination of factors is creating an optimistic environment for investors.
Looking ahead, the final week of 2023 doesn’t have major earnings reports scheduled, but investors are awaiting several key economic data releases. The focus will be on the S&P CoreLogic Case-Shiller National Home Price Index and the Federal Housing Finance Agency’s House Price Index, both for October. These reports, along with the general trend of cooling inflation, are likely to influence market sentiment as investors consider the Federal Reserve’s potential actions in 2024. The overall market outlook remains cautiously optimistic as the year concludes.
Tuesday Economic Events:
Chicago Fed Activity Index 8:30am ET
Case Shiller 9:00am ET
FHFA HPI 9:00am ET
Dallas Fed Mfg Survey 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
Stock Market Holidays:
New Year’s Day – January 1, 2024 – Closed
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.