Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023.
Brendan Mcdermid | Reuters
Stocks traded about flat Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.
The S&P 500 rose 0.2%, while the Dow Jones Industrial Average gained 73 points, or 0.2%. The Nasdaq Composite advanced 0.4%.
Cryptocurrency exchange Coinbase and Marathon Digital fell more than 1.5% each, as bitcoin prices declined. The price movement came on the back of an incorrect announcement posted to the U.S. Securities and Exchange Commission’s X account, saying that it had approved bitcoin ETFs.
Intuitive Surgical and Lennar led the broader market higher, gaining more than 5% and 3%, respectively. Intuitive increased its procedure growth outlook for fiscal year 2024 after market close on Tuesday, when Lennar had also announced an increase to its annual dividend.
The latest consumer price index report is slated for release Thursday. Economists polled by Dow Jones expect CPI rose 3.2% year over year in December.
Investors will look through the reports for clues on when the Federal Reserve may start cutting rates. Some of those expectations have been dialed back in recent days, although the odds hover at around 64%, according to CME Group FedWatch tool.
“It almost feels like we ended the year with the Fed pivot party, and we’re potentially experiencing a little bit of a hangover right now,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management.
Earnings heats up Friday with results from major financial heavyweights including JPMorgan Chase and Bank of America, along with UnitedHealth Group and Delta Air Lines.
Stocks are coming off a mixed session. The S&P 500 lost 0.15%, while the Dow Jones Industrial Average dropped nearly 158 points, or 0.42%. The Nasdaq Composite eked out a slight 0.09% gain. Seven of eleven major S&P sectors finished with losses, led to the downside by a 1.6% drop in energy.