Wall Street Today | S&P 500, Dow Inch Up as Markets Await More Inflation Data
RECAP
Stocks ended essentially flat Monday as markets awaited inflation data due out later this week to get a better gauge on where the Federal Reserve might be heading on interest rates.
The $Dow Jones Industrial Average(.DJI.US$ shed 11.24 points (0.03%) to end at 38,892.8, while the $S&P 500 Index(.SPX.US$ gave up 1.95 ticks (0.04%) to a 5,202.39 finish. However, the $Nasdaq Composite Index(.IXIC.US$ added 5.43 points (0.03%) to 16,253.95.
Markets are apparently waiting for the March Consumer Price Index due out Wednesday before the bell to see where inflation is heading. The U.S. government will also release the March Produce Price Index – which measures wholesale inflation – on Thursday.
Meanwhile, the Fed’s policy-setting Federal Open Market Committee will unveil minutes Wednesday from its March meeting.
MACRO
Wall Street is trying to gauge how many times the Fed will cut its benchmark Federal Funds interest rate this year – if any. Expectations of aggressive cuts in borrowing costs are waning amid continued strength in the economy that could slow the progress of toward cooling inflation to policymakers' 2% target.
The market is now pricing a 51.3% chance that the Fed will start cutting in June, down from 56.8% a week ago, according to the CME FedWatch tool.
SECTORS
Crude oil closed the day lower Monday after Israel cut its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas, easing concerns of disruption to supply from the Middle East.
MOVERS
$Tesla(TSLA.US$ rose 4.9% to $172.98 after CEO Elon Musk revealed that the company plans to release its long-anticipated robo-taxi in a few months.
Conversely, $Trump Media & Technology(DJT.US$ sank 8.4% to $37.17 as the former president’s media company continued to swing wildly following its recent go-public merger with a special purpose acquisition company.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
37KFollowers
26Following
38KVisitors
Follow
73643625 : give me wark
affable Blobfish_403 : Otherwise, there must be a demon. Who is a demon?
CDK1 : lies, darn lies, statistics...
Bullish Law : Good trend
THEWIZARD : Quote: "Investors cheered the latest jobs report" ... I don't think this statement is absolutely true.
It's FRIDAY ... The Major Market Makers had to be certain that the optimal amount of Puts and Calls options expired Out Of The Money for their optimal profits to close off their weekly accounts reports.
And If the market pull back deeper next couple of days, then the news headline will be something like: Investors digested Friday's jobs data implications etc.
What say you?
THEWIZARD CDK1: Oh please, don't even bother about those statistics. Every data release is just an excuse for the Major Market Makers to move the market to the levels most beneficial for their books, regardless of the economic / marco logic or not.
Cypher : Gold is up because of reckless monetary policy i.e government spending