The S&P 500 Index is up 0.08%, the Dow Jones Industrial Average is up 0.30%, and the Nasdaq 100 Index has decreased by 0.14% as of today. U.S. personal spending rose by 0.4% in January, surpassing expectations of 0.3%, while personal income also increased by 0.4%, falling short of the anticipated 0.5%.
A temporary waiver from the U.S. Treasury allows the importation of Russian oil onboard 30 tankers, totaling at least 19 million barrels, highlighting ongoing concerns with crude oil flows. Goldman Sachs warns prices could hit record highs if the Strait of Hormuz remains blocked due to Iranian military activity, which has disrupted 7.5% of global oil supply. The international energy agency indicated that global oil supply could decline by 8 million barrels per day this month.
The U.S. fourth-quarter GDP was revised downward to 0.7% from 1.4%, and the core PCE price index showed a year-over-year increase of 3.1%, marking the highest level in 1.75 years, raising concerns over inflation and prompting a rise in global bond yields.
