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U.S. stocks edged higher on Wednesday as tech stocks rose as investors awaited new inflation data and absorbed dramatic changes in spot Bitcoin ETFs.
The Dow Jones Industrial Average (^DJI) and the benchmark S&P 500 (^GSPC) rose about 0.2%, with the Nasdaq Composite Index (^ IXIC) rose about 0.3%.
Stock investors will likely tread cautiously ahead of Thursday’s December U.S. consumer inflation report and watch for signs of further economic weakness that could prompt the Fed to change policy. Concerns have grown in recent days that markets are pricing in too many rate cuts in 2024, while once confidence in an early rate cut has waned.
Meanwhile, Bitcoin (BTC-USD) fluctuated but remained above $45,000 after a tweet from the SEC’s X account triggered volatility in the major cryptocurrencies. The regulator blamed hacking on a false post announcing it had approved the Spot Bitcoin ETF. A decision is expected on Wednesday on whether BlackRock, Ark Invest and others can start offering funds.
Also in focus is the start of the fourth-quarter earnings cycle on Friday, led by big Wall Street banks such as JPMorgan Chase & Co. (JPM). After a tough start to 2024, this season will be important for the stock.
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