On Tuesday, January 9, 2024, U.S. stock indexes closed lower, with the S&P 500 Index falling 0.19% and the Dow Jones Industrial Average decreasing by 0.80%. The Nasdaq 100 Index also dropped by 0.18%. This downturn came after credit card companies faced pressure following comments from President Trump, who stated that lenders would be “in violation of the law” if they did not cap interest rates at 10% for one year. Additionally, software stocks declined after AI startup Anthropic introduced a new tool aimed at a broader range of applications, spurring negative sentiment in the sector.
Crude oil prices rose by over 2%, reaching a 2.25-month high, amid geopolitical tensions, particularly heightened U.S. pressure on Iran following Trump’s announcement of a 25% tariff on goods from countries engaging with Iran. Meanwhile, home sales saw a slight monthly decrease of 0.1% to 737,000 in October, which exceeded expectations of 715,000.
In economic news, the U.S. December core Consumer Price Index (CPI) remained unchanged from November, matching expectations at 2.6% year-over-year. Investors will be closely observing upcoming economic indicators including PPI and retail sales data, as well as the anticipated Supreme Court ruling on Trump’s tariffs.
