Wall Street Traders on Hold in Run-Up to CPI Data: Markets Wrap

(Bloomberg) — Stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook.

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The S&P 500 was little changed. US 10-year yields hovered near 4%. Bitcoin traded around $45,000 before a US Securities and Exchange Commission decision on the approval of exchange-traded funds holding the digital asset. Oil rose amid wider risks of attacks on vessels in the Red Sea.

Inflation is expected to end the year around the Fed’s 2% target, and the upcoming consumer-price index will probably give a taste of the disinflation trend. Ahead of that, New York Fed President John Williams is due to speak.

“We’re seeing a plausible path to inflation continuing to ease gradually, an end to Fed rate hikes, and a re-acceleration of economic growth in the back half of 2024,” said Arthur Hogan at B. Riley Wealth.

Corporate Highlights:

  • When Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off the industry’s fourth-quarter earnings reports Friday, their results are likely to show that net-interest margins felt continued pressure from higher funding costs.

  • Boeing Co.’s chief Dave Calhoun said the planemaker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing.

  • The owner of Gotham City Research LLC, whose critical report sparked a record one-day stock selloff in Grifols SA, has slashed its bet against the Spanish company’s stock.

Key events this week:

  • US CPI, initial jobless claims, Thursday

  • China CPI, PPI, trade, Friday

  • UK industrial production, Friday

  • US PPI, Friday

  • Some of the biggest US banks report fourth-quarter results, Friday

  • Minneapolis Fed President Neel Kashkari speaks, Friday

  • ECB chief economist Philip Lane speaks, Friday

Some of the main moves in markets:

Stocks

  • The S&P 500 rose 0.1% as of 9:31 a.m. New York time

  • The Nasdaq 100 rose 0.2%

  • The Dow Jones Industrial Average was little changed

  • The Stoxx Europe 600 was little changed

  • The MSCI World index was little changed

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.0940

  • The British pound was little changed at $1.2721

  • The Japanese yen fell 0.6% to 145.34 per dollar

Cryptocurrencies

  • Bitcoin fell 0.1% to $45,376.03

  • Ether rose 3.3% to $2,394.31

Bonds

  • The yield on 10-year Treasuries declined two basis points to 3.99%

  • Germany’s 10-year yield declined two basis points to 2.17%

  • Britain’s 10-year yield was little changed at 3.78%

Commodities

This story was produced with the assistance of Bloomberg Automation.

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