TSLA - Nasdaq S&P 500 Futures Slide On More Bank Earnings Anxiety: Analyst Tells Why Markets May Still Hit New Highs In January | Benzinga
Earnings concerns appear to be keeping sentiment subdued as the stock market reopens following Monday’s public holiday in observance of Martin Luther King Jr. Day. Bank earnings take center stage on this week’s earnings calendar, and traders will also keep a close eye on key economic data such as retail sales, manufacturing sector indicators, and housing market metrics. Additionally, speeches by Federal Reserve officials will be in focus. After the S&P 500 nudged closer to its all-time closing highs last week, the question arises whether tech stocks, with significant weighting in the index, can provide the momentum to surpass the early-2022 historic high.
Cue From Last Week’s Trading:
U.S. stocks recorded gains in the week ending Jan. 12, 2024, responding to various catalysts, including significant bank earnings and dual inflation reports. Consumer price inflation slightly exceeded expectations, while wholesale inflation remained benign.
The S&P 500 concluded the week within 11 points of its all-time highs, with analysts optimistic that a positive fourth-quarter reporting season could propel the market even higher.
US Index Performance In Week Ended Jan. 12
Performance (+/-) Value
Nasdaq Composite +3.09% 14,972.76
S&P 500 +1.84% 4,783.83
Dow Industrials +0.34% 37,592.98
Russell 2000 -0.01% 1,950.96
Analyst Color: Fund Strat’s Tom Lee, who was fairly accurate with his market ...