Your Evening Recap for Wednesday, January 10^th

Churn continued on Wall Street Wednesday, with the S&P 500 gaining a little more than 0.5% to reclaim the week’s highs. The move came just before the December CPI figures were released and may lead to a new all-time high in their wake. The CPI data is due today and may come in cooler than expected. A cooler-than-expected read will shorten the time until the first FOMC interest rate cut but poses a bigger risk. Cooler-than-expected inflation may raise fears of deflation and recession, sapping appetite for risk-on assets like equities.

Earning season action will heat up tomorrow. The Big Banks, including JPMorgan Chase, will report earnings, and the news will move the market. Revenue and earnings are expected to be solid due to higher interest rates; the question is how the consumer fares. As it is, data suggests the US consumer is resilient in 2024 and will continue to buy, albeit price-consciously.

Featured: Forget NVDA. Buy this A.I. stock instead (Chaikin Analytics)