Here are the most important news items that investors need to start their trading day:
1. ‘Wait and see’
Stocks have struggled for momentum so far in 2024, with the Dow Jones Industrial Average off nearly a half of a percent in the first six trading days of the new year. The S&P 500 is down about 0.25% year to date and the Nasdaq Composite is down more than 1%. As put by Emily Roland, co-chief investment strategist at John Hancock Investment Management, stocks are in “wait-and-see mode.” The back half of this week brings two key inflation reports and the unofficial start to earnings season. “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,” Roland said. Follow live market updates.
2. Not so fast
SEC Chair Gary Gensler participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury in Washington, D.C., July 28, 2023.
Kevin Dietsch | etty Images
The Securities and Exchange Commission gave crypto investors hope late Tuesday and then swiftly brought them back down to earth. The SEC said its account on X, formerly Twitter, was compromised when it posted an announcement saying bitcoin ETFs were approved for trading. SEC Chair Gary Gensler jumped on his own X account to say the post was unauthorized and not made by the SEC or its staff. In other words: The agency still hasn’t made a decision about the funds. Bitcoin prices rose on the initial fake post then quickly slid below $46,000. Crypto advocates have been waiting for the SEC to make an announcement about bitcoin ETFs for years and are expecting news about the issue this week. They say such vehicles will bring new investors into digital assets.
3. Home prices surge
A “For Sale” sign hangs outside a home on the west side of Detroit, Michigan.
Fabrizio Costantini | Bloomberg | Getty Images
Home prices have been going higher and higher. That’s thanks in part to mortgage rates falling, which has pumped…
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