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Stock Market Update Thursday January 25, 2024

Stock Market Update Thursday January 25, 2024 The bull market keeps chugging along, as the S&P 500 tacked on another 0.55% to extend its January advance to 3.3%, though the tech-heavy Nasdaq 100 barely managed to finish in the green.


Today, there was a lot of macro data, It was reported that the economy grew by 3.3%, which was better than the expected 2%. But this number relies on inflation being only 1.5%, according to the government, even though it's actually closer to 3.5%. So, the 3.3% GDP growth might actually be less than 1.5%.


I bring this up because, besides affecting markets, big-picture data and details don't seem to matter much to the overall market. Summary of U.S. data this morning: Q4 GDP did really well, BUT trade and government, and the spread with GDI widen to levels not seen in over 50 years. Wholesale prices are high, and GDP core PCE is above forecasts, But the price index drops. Jobless Initial and Continuous claims are up, Durable Goods and Chicago Fed are below expectations. It's okay if you're confused by it all.


Tesla closed down by a little over 12%, whereas IBM's stock surged by 10% due to better-than-expected performance and the hype surrounding artificial intelligence. Additionally, IBM's significant role as a component of the Dow Jones contributed to the index reaching a new all-time high. While most stocks are gradually losing value, some tech companies are still experiencing upward movement without clear catalysts. Investors appear relatively unperturbed by negative earnings reports from companies like Texas Instruments.


Away From Stocks: Treasury's were bid across the curve as this afternoon’s seven-year note auction went relatively smoothly, WTI crude jumped above $77 per barrel to mark a near two-month high, and gold ticked to $2,019 an ounce. VIX closed at 13.46





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Tomorrow's Date 1-26-24 ES Futures Trading Time Pivots And Resistance Pivots


Tomorrow's Date 1-26-24 Trading Time Pivots And Resistance Pivots


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