The S&P 500 Index is down 0.21% and the Dow Jones is down 0.55% as of today, influenced by declines in major technology stocks known as the “Magnificent Seven.” Significant market pressure also stems from comments made by President Trump regarding credit card interest rates, resulting in a 5% drop for Mastercard and Visa.
In notable economic indicators, the U.S. December core Consumer Price Index (CPI) remained unchanged at 2.6% year-over-year, matching expectations. Meanwhile, October new home sales slightly fell by 0.1% to 737,000, surpassing predictions of 715,000. The market’s focus this week will be on additional economic data releases and the Federal Reserve’s stance, with a potential 25 basis point rate cut being considered for the upcoming FOMC meeting.
Internationally, stock markets showed mixed results: China’s Shanghai Composite fell 0.64%, while Japan’s Nikkei 225 surged 3.10% to a new all-time high. Additionally, U.S. crude oil prices rose over 3% in response to geopolitical tensions and supply disruptions at a key Russian terminal.
