US Market Summary: Stocks Rally in Late Session Surge; Cryptocurrency and Bond Markets in Focus Ahead of Inflation Report

January 11, 2024

On Wednesday (10 January 2024), the US stock market experienced modest fluctuations throughout most of the day but witnessed a late-session surge, leading to gains in the three major indexes.

The tech-heavy Nasdaq Composite increased by 0.75%, closing at 14,969.65 points. The S&P 500 rose by 0.57%, nearly reaching a record high, and settled at 4,783.45 points. The Dow Jones Industrial Average advanced by 0.45%, concluding at 37,695.73 points.

Seven out of eleven S&P sectors ended positively, with Communication Services leading the gains, while Energy was among the losers.

Despite a strong rally at the end of 2023, the new year has seen a struggle to maintain momentum, largely due to a lack of major news or catalysts.

The best performance of the S&P 500 so far was on Monday, primarily driven by a surge in mega cap technology stocks.

However, the market is poised for potential volatility with the upcoming inflation report and the start of the earnings season.

Cryptocurrencies remained a focal point, especially after a false announcement about a Bitcoin ETF approval earlier this week by the compromised U.S. Securities and Exchange Commission’s account, which temporarily spiked Bitcoin’s value.

However, by Thursday, regulators officially authorised the launch of the first U.S.-listed ETFs designed to track Bitcoin, marking a pivotal development for the world’s largest cryptocurrency.

In the bond market, Treasury yields saw minimal changes, with a slight increase in the longer-end 30-year yield and the 10-year yield, while the 2-year yield remained relatively unchanged.

This movement was despite a $37 billion 10-year note auction that tailed slightly.

Intuitive Surgical, Inc (NASDAQ: ISRG) was a notable performer in the stock market, emerging as the top percentage gainer on the S&P 500 after releasing preliminary results that exceeded expectations.

As US stock futures point to a higher opening on Thursday, investors are preparing for the release of the latest inflation data and the commencement of the fourth-quarter earnings season.

These events have the potential to bring fresh momentum and direction to the U.S. stock market as it navigates uncertain economic conditions and evolving cryptocurrency dynamics.

Disclaimer: ProsperUs Head of Content & Investment Lead Billy Toh doesn’t own shares of any companies mentioned.

Billy Toh

Billy is deeply committed to making investment accessible and understandable to everyone, a principle that drives his engagement with the capital markets and his long-term investment strategies. He is currently the Head of Content & Investment Lead for Prosperus and a SGX Academy Trainer. His extensive experience spans roles as an economist at RHB Investment Bank, focusing on the Thailand and Philippines markets, and as a financial journalist at The Edge Malaysia. Additionally, his background includes valuable time spent in an asset management firm. Outside of finance, Billy enjoys meaningful conversations over coffee, keeps fit as a fitness enthusiast, and has a keen interest in technology.

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