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Stock Market Update Tuesday January 16, 2024

Stock Market Update Tuesday January 16, 2024 Comments made by Federal Reserve governor Christopher Waller, indicating a careful and measured approach to reducing interest rates, caused some discomfort or unease in the financial markets. There was a negative reaction or unease among investors in response to Waller's suggestion of a deliberate pace in rate cuts.  Stocks settled lower by 0.4% on the S&P 500, though the Nasdaq 100 clawed back to unchanged thanks to a late rally in big tech.


Away From Stocks: 2- and 30-year Treasury yields jumped to 4.22% and 4.3%, respectively, up 8 and 10 basis points on the day. , WTI crude fell below $72 a barrel and gold slipped to $2,028 per ounce.  The VIX rose towards 14, up a bit more than half a point on the session.


Major earnings won't be coming out until next week. Our attention will consistently be directed towards evaluating how the guidance influences the outlook for corporate earnings expansion. This is crucial as it is the anticipation of forthcoming sales and earnings that predominantly impacts stock prices.





 

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