S&P 500 (SPY) Report – 01/09/24
Good morning, traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
U.S. stock futures trade lower on Tuesday, potentially signaling a halt to the momentum gained from a tech-led surge in the prior session. The indices of the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all recorded declines. Investors are keeping a close watch on several economic indicators and forthcoming events that could influence market trends. The upcoming release of critical inflation data, namely the December consumer price index and the producer price index, is eagerly anticipated. These data points are expected to shed light on the Federal Reserve’s approach towards rate cuts, a key factor in financial market dynamics.
Global economic factors are also playing a significant role in shaping the U.S. stock market landscape. Samsung’s recent profit warning cast a shadow over the PC and mobile sector, leading to a dip in tech stocks. Oil prices, however, showed a rebound, recovering from their previous slump. This fluctuation is largely attributed to the ongoing geopolitical tensions in the Middle East and Saudi Arabia’s decision to slash crude prices. As the financial community gears up for the upcoming earnings season, starting with major banks, there is a keen interest in assessing the broader economic outlook and its impact on market trends.
The technology sector has been at the forefront of the stock market’s recent dynamics. Major tech stocks, including heavyweights like Nvidia and Apple, demonstrated resilience, bouncing back from a downturn in the previous week. This resurgence in investor interest towards tech stocks comes amidst speculations about their possible underperformance. Financial analysts, such as AJ Oden from JPMorgan Private Bank, maintain a positive outlook for the technology sector’s performance throughout the year, underpinning the broader market optimism.
Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
International Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
3-Yr Note Auction 1:00pm ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Michael Barr 12:00pm ET
DailyBubble’s Disclaimer
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.
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