The Dow Jones Industrial Average reached a new all-time high today, gaining 0.69%, while the S&P 500 fell 0.05%, and the Nasdaq 100 rose 0.18%. March E-mini S&P futures are down 0.07%, while March E-mini Nasdaq futures are up 0.16%. Key reports released today showed December retail sales stagnated, unchanged from the previous month and lower than the expected 0.4% increase. Additionally, the Q4 employment cost index rose by 0.7% quarter-over-quarter, below the forecast of 0.8%, marking the smallest increase in 4.5 years.
The markets are anticipating upcoming economic reports, with January nonfarm payrolls expected to increase by 69,000 and the unemployment rate anticipated to hold steady at 4.4%. Q4 earnings season is ongoing, with 79% of the 297 S&P 500 companies that have reported beating expectations, contributing to expected earnings growth of 8.4% for the quarter. Meanwhile, the 10-year Treasury note yield fell to 4.15%, its lowest point in three weeks, amid expectations of potential interest rate cuts by the Federal Reserve.
Overseas markets also saw positive trends, with Japan’s Nikkei 225 gaining 2.28% to close at a new all-time high. The Euro Stoxx 50 index rose slightly, up 0.04%, marking continued growth in European markets.
