S&P 500 (SPY) Report – 01/23/24

Good morning, traders!

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

U.S. stock futures exhibited minimal change following the Dow Jones Industrial Average’s historic surpassing of the 38,000 mark for the first time. Dow futures experienced a slight decline, while S&P 500 and Nasdaq 100 futures both saw modest gains. The stock market’s performance was influenced by various factors, including airline stocks and major companies’ outlooks.

Monday’s trading session was noteworthy, with the Dow Jones Industrial Average and S&P 500 reaching new all-time highs, and the Nasdaq Composite also seeing gains. This surge added to the S&P 500’s rise into bull market territory. However, the market’s focus on tech stocks like Nvidia, which saw a significant increase, contrasted with the lesser performance of small-cap stocks like the Russell 2000. Market analysts expressed caution, suggesting that any sudden shocks could lead to significant pullbacks.

The overall stock market is currently in a phase of cautious observation, with investors eagerly awaiting further earnings reports to gauge the health of Corporate America and the broader economy. The market’s recent recovery from its early January downturn has been fueled by optimism regarding the Federal Reserve’s handling of the U.S. economy. Upcoming earnings reports from major companies like 3M and Johnson & Johnson, as well as tech giants like Netflix, are anticipated to provide critical insights into the market’s direction.

Tuesday Economic Events:
Redbook Sales 8:55am ET
Richmond Fed Mfg Index 10:00am ET
Money Supply 1:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled


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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