Daily Report | 8 January 2025
The S&P 500 traded lower on Tuesday, giving up an earlier gain, as fresh economic data led to a spike in Treasury yields and raised questions about the possibility of Federal Reserve rate cuts later this year.
The S&P 500 traded lower on Tuesday, giving up an earlier gain, as fresh economic data led to a spike in Treasury yields and raised questions about the possibility of Federal Reserve rate cuts later this year.
Market sentiment on Monday was also boosted by a Washington Post report saying President-elect Donald Trump’s tariff plan would be narrower than anticipated, covering only critical imports.
Stocks jumped on Monday, recovering from last week’s losses as chipmakers jumped. The Dow Jones Industrial Average surged 188 points higher, or 0.4%. The S&P 500 climbed nearly 1%, and the Nasdaq Composite advanced 1.5%.
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Investors awaiting business activity figures from several key economies in the region. China’s Caixin services purchasing managers’ index from S&P Global is due later in the day.
Stocks closed higher Friday as Wall Street recovered following a shaky start to the new year. The S&P 500 closed up 73.92 points, or 1.26%, at 5,942.47, and the Dow Jones Industrial Average advanced 339.86 points, or 0.8%, to end the day at 42,732.13.
Investors in Asia will continue to assess the political uncertainty in South Korea as the country’s corruption watchdog seeks to execute an arrest warrant for impeached President Yoon Suk Yeol, according to local media Yonhap News.
Dow Jones Industrial Average futures fell by 19 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures dipped 0.03% and 0.05%, respectively. Stocks kicked off January with a choppy trading session, with investors taking profits in some notable 2024 gainers such as Apple and Tesla.
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