On January 24, 2023, the S&P 500 Index rose by 0.28% to reach a new all-time high, while the Nasdaq 100 surged by 0.81%, marking its highest point in three months. This uptick in the stock market was driven primarily by strong performances from chipmakers and AI infrastructure stocks, following ASML Holding NV’s report of a record €13.2 billion in Q4 bookings, significantly surpassing expectations of €6.85 billion.
In other financial developments, the dollar index slightly rebounded after hitting a nearly four-year low, driven by comments from President Trump regarding its weakness. Additionally, WTI crude oil climbed to a four-month high as Trump urged Iran to negotiate on nuclear weapons amidst ongoing geopolitical tensions. The FOMC is anticipated to hold interest rates steady at 3.50%-3.75% in today’s meeting.
US MBA mortgage applications dipped by 8.5% for the week ending January 23, while the average 30-year fixed mortgage rate increased to 6.24%. Political dynamics also remain a concern with potential government shutdown threats looming due to disputes over ICE funding.
