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Traders work on the floor of the New York Stock Exchange (NYSE) on December 1, 2023 in New York City, USA.
Brendan McDiarmid | Reuters
Stock futures were little changed in overnight trading Tuesday.
Futures tied to the Dow Jones Industrial Average fell 25 points, while the S&P 500 futures index fell 0.05%. Nasdaq 100 futures are hovering around the flatline.
Cryptocurrency exchanges Coinbase and Marathon Digital fell 1% and 2%, respectively, as Bitcoin prices fell. The price move followed a false announcement that the U.S. Securities and Exchange Commission had approved Bitcoin ETFs for X accounts.
Elsewhere, Juniper Networks rose about 1%, building on Tuesday’s gains after Hewlett Packard Enterprise said it would buy the company for about $14 billion, or $40 a share, in an all-cash deal. did. HPE stock fell about 1%, adding to Tuesday’s nearly 9% decline.
Stocks are falling in mixed trading. The S&P 500 fell 0.15%, and the Dow Jones Industrial Average fell nearly 158 points, or 0.42%. The Nasdaq Composite rose just 0.09%. Seven of the S&P’s 11 major sectors ended with losses, with energy’s 1.6% decline leading to lower prices.
Markets slumped as investors braced for the unofficial start of big banks’ earnings season on Friday and two key inflation reports that could inform future Federal Reserve interest rate decisions. Still in “wait-and-see mode,” co-writer Emily Rowland said. Chief Investment Strategist at John Hancock Investment Management. The consumer price index for December will be released on Thursday, and the producer price index will be released on Friday.
Traders have increased their bets in recent weeks on a change in Federal Reserve policy, bracing for a rate cut as early as March. Some of those expectations have faded in recent days, although the probability has hovered around 63%, according to CME Group’s FedWatch tool.
“This year feels like it’s over with the Fed’s pivot party, and we’re potentially experiencing a bit of a hangover right now,” Rowland said.
Friday’s gains were boosted by results from major financial institutions such as JPMorgan Chase & Co., Bank of America, UnitedHealth Group and Delta Air Lines.
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