Traders work on the floor of the New York Stock Exchange.
Brendan McDiarmid | Reuters
of Dow Jones Industrial Average It rose to new highs on Monday as investors awaited new inflation and earnings data.
The 30-stock index rose 130 points (0.3%).of S&P500 While hovering around the flat line, Nasdaq Composite It fell by 0.2%.
sales force Cloud-based software stocks fell 1%, pushing the Dow down.shares of hershey The decline was less than 1% after Morgan Stanley downgraded the stock to underweight due to slowing demand.
on the other hand, diamondback energy The stock rose nearly 10% after announcing it would buy oil and gas producer Endeavor Energy Partners. Titan from “Magnificent 7” meta platform has also been added by more than 1%.
On Friday, the S&P 500 closed above 5,000 for the first time in history. The broader index is now up more than 5% since the beginning of the year.
All three major averages have been rising for five consecutive weeks, and the S&P 500 and Nasdaq Composite Last week they added 1.4% and 2.3%, respectively.of Dow It's only slightly higher.
“U.S. stocks are currently pricing in a lot of good news, but we think the bull run is well supported,” said Mark Hefele, chief investment officer at UBS Global Wealth Management. Stated.
Approximately 61 companies in the S&P 500, including gig economy stocks, are scheduled to announce their financial results next week. lift, instacart and door dash.companies such as autonation, Kraft Heinz, hasbro and coca cola The current state of American consumers will also be revealed.
Traders will also be keeping an eye on the latest levels of the consumer price index (CPI, a key inflation measure) due to be released on Tuesday morning. More important economic data will be released on Thursday and Friday, including January retail sales, production, imports and exports, housing starts and the Producer Price Index (PPI).
“The Fed has emphasized that it needs 'more confidence' in the inflation numbers to begin a rate-cutting cycle,” said Megan Swiver, interest rate strategist at Bank of America. I think this is due to the structure of the I have written.
“So far, disinflation has been driven by falling goods prices, but disinflation in services has been more stubborn. We expect this divergence to continue in January,” Swiver added.
Still, the market's rally over the past three months has been unusually strong and stable, raising the possibility of a pullback soon. According to Bespoke Investment Group, the S&P 500 index hasn't fallen 2% in more than 70 business days.