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U.S. stock futures were cautiously mixed on Wednesday, with tech stocks rising as investors awaited new inflation data and absorbed dramatic changes in spot Bitcoin ETFs.
Dow Jones Industrial Average (^DJI) futures fell 0.1%, while benchmark S&P 500 (^GSPC) futures remained just above flat. Nasdaq 100 (^NDX) futures rose about 0.2% after tech stocks were the lone winners among the major indexes the previous day.
Stock investors are likely to be cautious ahead of December U.S. consumer inflation data released on Thursday, with further economic cooling likely to prompt the Federal Reserve to change policy. We are paying attention to the signs of 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) continued to trade above $45,000 after a tweet from the SEC’s X account caused volatility in the major cryptocurrencies. The regulator blamed hacking on a false post announcing it had approved the Spot Bitcoin ETF. A decision on whether BlackRock, Ark Invest and others can start offering funds is expected this week, with some expecting a decision on Wednesday.
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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