S&P 500 (SPY) Report – 12/28/23

Good morning, traders!

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

As 2023 comes to a close, the U.S. stock market is showing strong performance, with major indices like the S&P 500 and Dow Jones Industrial Average nearing or setting record highs. The S&P 500 is just shy of its all-time high, while the Dow Jones achieved a new record. The Nasdaq Composite also saw modest gains. Market analysts, like Sam Stovall from CFRA, believe that reaching new highs could lead to a temporary slowdown in market growth.

The final week of the year, typically marked by lower trading volumes, shows mixed results in premarket trading. Futures for the S&P 500 remained stable, while those for the Dow Jones saw a slight decrease, and the Nasdaq experienced a modest rise. This period is critical as the S&P 500 is coming off its eighth consecutive winning week and is very close to its record high set earlier in the year.

Investors are optimistic due to signs of decreasing inflation and a stronger-than-expected economy. There’s speculation that the U.S. Federal Reserve may start reducing interest rates as early as March 2024. In other economic news, U.S. crude oil prices saw a decrease, and the U.S. dollar weakened against the Japanese yen due to market expectations of changes in monetary policy in both countries. This year, the S&P 500 and Nasdaq have shown significant gains, highlighting the resilience of the technology sector in particular.

Internationally, the stock markets are displaying varied performances. In Europe, major indices like Britain’s FTSE 100 and Germany’s DAX experienced slight declines. Asian markets also showed mixed results, with Tokyo’s Nikkei 225 dropping slightly, while Hong Kong’s Hang Seng index surged, driven by technology and property shares. The Shanghai Composite index and South Korea’s Kospi also posted gains.

Thursday Economic Events:
International Trade in Goods 8:30am ET
Jobless Claims 8:30am ET – High Volatility Expected
Wholesale Inventories 8:30am ET
Pending Home Sales 10:00am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected
7-Yr Note Auction 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

Stock Market Holidays:
New Year’s Day – January 1, 2024 – Closed

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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.