S&P 500 (SPY) Report – 03/12/24

Good morning, traders!

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

US stock futures experienced a slight increase amid key inflation data releases, affecting investor expectations regarding the Federal Reserve’s interest rate decisions. The S&P 500 and Nasdaq 100 futures saw gains, while the Dow Jones Industrial Average futures remained stable. This shift comes after a period of losses and indicates a cautious optimism among investors.

Inflation rates, as indicated by the Consumer Price Index (CPI), continue to be a critical factor for the Federal Reserve’s monetary policy. The latest reports showed a monthly increase in headline inflation and a higher-than-expected rise in core CPI, which excludes food and energy prices. These figures are pivotal as the Fed has indicated its intention to ensure inflation is under control before reducing interest rates from their current high levels.

In other news, the cryptocurrency market, particularly Bitcoin, has seen remarkable growth, with significant gains recorded this year. This surge is driven by increasing investments into cryptocurrency assets, sparking predictions of even higher valuations for Bitcoin. On the corporate side, Oracle has seen a notable increase in its stock price, attributed to its advancements in cloud computing and collaboration with Nvidia, highlighting a shift in market focus towards tech and digital finance sectors.

Lastly, overall US consumer prices have shown a persistent upward trend, aligning with economists’ forecasts. This consistent rise in inflation, both in general and core measures, suggests ongoing economic pressures. As the market adjusts beyond leading tech companies, experts anticipate a period of consolidation and moderate returns, underlining the evolving dynamics in investment and financial planning strategies.

Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
CPI 8:30am ET
Redbook Sales 8:55am ET
10-Yr Note Auction 1:00pm ET
Treasury Statement 2:00pm 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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