S&P 500 (SPY) Report – 01/11/24

Good morning, traders!

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

U.S. stock futures trade close to yesterday’s close as investors interpret new economic data released today. In recent financial news, there has been notable activity in the stock market and inflation rates. December’s consumer price index (CPI) report indicated a 0.3% rise in consumer prices, surpassing expectations and pushing the annual inflation rate to 3.4%. This was higher than the 0.2% monthly and 3.2% yearly increase forecasted by Dow Jones. However, the core CPI, which excludes food and energy prices, aligned with predictions, suggesting a potential easing in inflation pressures.

The stock market reacted to these developments with a slight downturn. S&P 500 futures fell by approximately 0.1%, while Nasdaq 100 futures and Dow Jones Industrial Average futures also saw similar marginal declines. This movement in the stock market reflects investors’ concerns over the higher-than-expected inflation data. On another note, the U.S. Securities and Exchange Commission (SEC) approved changes that allow for bitcoin exchange-traded funds (ETFs). This decision, anticipated for a long time, is expected to broaden investor access to bitcoin. Following this news, bitcoin’s value increased by over 3%, reaching $47,200.

The financial sector is also in focus as major banks like Bank of America, Wells Fargo, and JPMorgan Chase are set to report their fourth-quarter earnings soon. This earnings season is particularly significant as it follows a period of generally lackluster performance in the stock market. Additionally, there is anticipation around the Federal Reserve’s interest rate decisions, with investors hoping for rate cuts later in the year.

Wednesday Economic Events:
CPI 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET – High Volatility Expected
EIA natural Gas Report 10:30am ET
30-Year Bond Auction – High Volatility Expected
Treasury Statement 2:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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