On January 22, 2025, U.S. stock indices are trading higher, with the S&P 500 Index up 0.59%, the Dow Jones up 0.51%, and the Nasdaq 100 up 0.51%. The gains are attributed to strong performances from major tech stocks, notably Tesla (TSLA) rising over 2% and Nvidia (NVDA) climbing more than 1%. E-mini futures are also showing positive movement, with March E-mini S&P futures up 0.58% and March E-mini Nasdaq futures up 0.49%.
In addition to tech stocks, precious metals are seeing record highs, with supportive momentum from recent positive earnings results from Micron Technology (MU), which itself is up nearly 2%. The Treasury market anticipates a $69 billion auction of 2-year T-notes and has a 20% chance of a 25 basis point cut to the fed funds target range during the upcoming FOMC meeting on January 27-28, 2025.
Overseas, markets are mixed: the Euro Stoxx 50 is down 0.21%, China’s Shanghai Composite is up 0.69% for its fourth consecutive gain, and Japan’s Nikkei Stock 225 is up 1.81%. The 10-year T-note yield is up 1.6 basis points at 4.163%, reflecting concerns about inflation and supply overhang.
