U.S. Stock Diary | The Dow rose 170 points, Nvidia broke through the top, and the Bitcoin ETF was finally approved (Michael M. Santiago via Getty Images)
The Wall Street stock market rose, and the three major indexes were supported at the end of the day. The Dow Jones index closed up 170 points, but the volatility was not large. The market is waiting to see data and performance. Bitcoin has stabilized at the level of 45,000 to 46,000 US dollars. In the afternoon of Eastern Time, the US Securities and Exchange Commission officially approved the listing of spot Bitcoin ETFs (exchange-traded funds). Initially, a total of 11 can be listed, and trading will begin on Thursday.
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Market conditions on January 10 (Wednesday)
l The Dow Jones index rose 170.57 points, or 0.45%, to 37,695.73 points.
l The S&P 500 index rose 26.95 points, or 0.57%, to 4,783.45 points.
l The Nasdaq index rose 111.94 points, or 0.75%, to 14,969.65 points.
l New York January oil futures closed at US$71.37 a barrel, down US$0.87 or 1.2%. U.S. crude oil inventories unexpectedly increased by 1.34 million barrels, gasoline inventories rose much more than expected, and oil prices turned lower.
l New York February gold futures closed at 2,033.0 27.8 US dollars an ounce, down 5.2 US dollars or 0.3%.
l The U.S. 10-year Treasury bond yield closed at 4.03%, up 1.1 points.
Technology stocks generally rose. Nvidia rose 2.3%, setting new closing highs for three consecutive days. Its market value once challenged US$1.6 trillion, approaching Amazon. However, affected by the unsatisfactory performance of TSMC, most other chip stocks fell; Meta and Alphabet both reached their highest levels in at least a year. . Real estate-related stocks rose, with Home Depot up nearly 3% and builder Lennar up 3.5%.
“Right now, the market is pretty quiet, but I don’t think it will be quiet all year,” said Phillip Colmar, managing partner and global strategist at MRB Partners. “The current market price pricing has fully reflected the soft landing scenario. What is the next step? This may be “no landing,” which means that bond interest rates may not be as stable as they are now, and some interest rate reductions may have to turn around and rise. And then the market moves again…and then this is not the rally that went up from the end of last year.”
However, another Fed official is trying to curb market expectations for a sharp interest rate cut, this time it is the third-in-command, New York Fed President John Williams. He stressed that although inflation has improved “significantly”, there is still a long way to go back to normal.
“The policy stance of restricting economic growth needs to be maintained for a period of time to achieve our goals.” He said: “Only when we are confident that inflation can sustainably return to the 2% level will restrictive policies be relaxed.”
After officials repeatedly contradicted the market, the market’s expectations for interest rate cuts have cooled down. The interest rate futures market shows that investors believe that the chance that the authorities will start to cut interest rates in March has dropped from a low of nearly 74% last year to a low of 74% in recent days. About 60%.
In terms of data, the U.S. Department of Commerce announced that U.S. wholesale inventories decreased by 0.2% month-on-month in November last year, falling for two consecutive months, which was consistent with the initial value. It was revised to a decrease of 0.3% last month.
The market is looking forward to the consumer price data released on Thursday, as well as the fourth-quarter earnings period of US stocks. The first is Chase, which will release its results on Friday.
2024-01-10 22:48:08
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