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U.S. stock futures were mostly higher on Thursday, helping push the S&P 500 index to new highs as investors braced for key inflation indicators and weighed the approval of a groundbreaking Bitcoin ETF.
S&P 500 (^GSPC) futures rose 0.1% after the benchmark closed Wednesday at its highest close since January 2022, just shy of a new record. Futures prices for the Dow Jones Industrial Average (^DJI) fluctuated near the flatline, while futures prices for the tech-heavy Nasdaq 100 Index (^NDX) rose almost 0.4%.
Stocks struggled this week as investors counted down December’s U.S. consumer inflation data. This publication will be important for traders who have been increasingly pricing in the possibility of a “soft landing” (inflation retreating to 2% without a recession) since the last CPI report.
Any signs of easing price pressures in the report, scheduled for release at 8:30 a.m. ET, will be factored into the Federal Reserve’s calculations of the pace and timing of interest rate cuts this year.
Meanwhile, crypto stocks rose after the SEC on Thursday gave regulatory approval to begin trading in a spot Bitcoin ETF in the US, which is seen as a game-changer for the sector. Shares of exchanges Coinbase (COIN) and Miner Marathon Digital (MARA) were among the stocks that rose pre-market.
Bitcoin (BTC-USD) trades above $47,000, its highest since March 2022, while rivals trade amid bets that the next-largest token will get the green light for an ETF. Ether (ETH-USD) soared.
Ahead of Friday’s quarterly earnings report, Citigroup (C) announced that it would take more than $3 billion in one-time provisions and expenses to close the year. Given the dismal performance so far this year, fourth-quarter earnings season is critical for stocks.
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