S&P 500 (SPY) Report – 01/10/24

Good morning, traders!

The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it… 

U.S. stock futures experienced minimal changes on Wednesday as investors anticipate the release of important U.S. inflation data and prepare for the upcoming earnings season. This cautious stance comes as investors eagerly await the U.S. consumer inflation report for December, which could influence the Federal Reserve’s monetary policy decisions. There’s a growing sentiment that the market might be overly optimistic about potential interest rate cuts in 2024.

The focus also shifts to the upcoming release of the latest consumer price index (CPI) report, scheduled for Thursday. Economists predict a 3.2% year-over-year increase for December. This report is critical as investors seek clues about the Federal Reserve’s rate-cutting timeline. Recent adjustments in expectations reflect a complex economic environment, with the CME Group FedWatch tool indicating around a 64% probability of rate cuts.

Fourth-quarter earnings season is set to begin, with major financial institutions like JPMorgan Chase and Bank of America, along with UnitedHealth Group and Delta Air Lines, preparing to release their results. This earnings season is pivotal for the stock market, especially after a challenging start to 2024. Market performance has been mixed recently, with the S&P 500 and Dow Jones Industrial Average experiencing slight losses, while the Nasdaq Composite gained marginally. Investors are closely watching these developments, especially in the context of the broader economic indicators.

In the cryptocurrency sector, Bitcoin saw some stability, trading above $45,000, after a tumultuous period caused by a false tweet from the SEC’s account announcing the approval of spot bitcoin ETFs. This tweet, later attributed to a hack, significantly impacted cryptocurrency markets, with major exchanges like Coinbase and Marathon Digital experiencing notable declines in their stock value. The decision regarding the approval of bitcoin ETFs by entities like BlackRock and Ark Invest is highly anticipated, with some expecting an announcement as soon as Wednesday.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Wholesale Inventories 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
10-YR Note Auction 1:00pm ET – High Volatility Expected

Fed Speaker Scheduled:
John Williams 3:15pm 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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