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Editor’s note: At about 4:20 p.m. ET on January 9, based on a tweet from the official Securites and Exchange Commission (SEC) X account, Yahoo Finance reported that the SEC had approved the listing and trading of spot bitcoin exchange-traded products. The SEC subsequently stated that the original tweet was “unauthorized.” See: https://finance.yahoo.com/video/sec-spot-bitcoin-etfs-not-222955561.html
Stocks were split on Tuesday as an early week, tech-fueled rally wavered after a Samsung profit warning took the shine off the sector.
The Dow Jones Industrial Average (^DJI) slipped 0.4%, or about 150 points. The benchmark S&P 500 (^GSPC) fell by nearly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) crawled above the flatline, in a reversal of earlier losses.
Samsung’s update weighed on hopes for a rebound in the PC and mobile sector, a key market for its memory chips. The Korean company said it expects a 35% drop in fourth-quarter operating income, far short of estimates, as demand continues to lag.
Big Tech helped carry stocks higher on Monday, as the Dow shook off a plunge in Boeing (BA) shares after a malfunction on a 737 Max 9 jet. Shares in the carrier fell slightly Tuesday even as Alaska (ALK) and United Airlines (UAL) said they had found loose parts in an inspection check.
The key focus for investors remains the December consumer inflation reading due Thursday and what it could mean for the chances of easing interest rates. But two Federal Reserve officials on Monday poured cold water on Wall Street’s already fading expectations that a cut could come in the next few months.
The idea that inflation is cooling underpins investors’ belief that the US economy will skirt recession. That conviction faces a crucial test on Friday, when big banks kick off the fourth-quarter earnings season.
Meanwhile, oil prices (CL=F) (BZ=F) rose just under 2%, recouping some of Monday’s near 4% fall as investors weighed the impact of tensions in the Middle East and Saudi Arabia’s decision to cut crude prices.
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