Stock market today: Live updates


Stock futures were lower Wednesday, putting Wall Street on track to build on the losses from the previous session.

Futures tied to the Dow Jones Industrial Average dropped 138 points, or 0.4%. S&P 500 futures and Nasdaq-100 futures slipped 0.4% and 0.5%, respectively.

Wall Street is coming off a losing session, as the yield on the 10-year Treasury note marched back above 4% after Federal Reserve Governor Christopher Waller warned easing monetary policy may come slower than anticipated.

On Wednesday, European Central Bank President Christine Lagarde said she expects the ECB to cut rates later this year, but reiterated a data-dependent approach to policy.

So far, traders are pricing in a roughly 65% chance that the Federal Reserve begins cutting rates in March as hopes mount for a pivot, according to CME Group’s FedWatch tool.

Traders also weighed weaker-than-expected China GDP data that were released overnight.

Fourth-quarter earnings gain steam this week and could serve as the next major test for the market that could dictate the setup for 2024. Investors have already pored over results from major banks, including Goldman Sachs, Morgan Stanley and Bank of America. Earnings season carries on Wednesday with results from Charles Schwab, U.S. Bancorp and Prologis.

“This reporting period may lack the splashy ‘earnings recession over’ headlines we got last quarter, but it takes on added importance because it sets the tone for 2024,” said Jeffrey Buchbinder, chief equity strategist at LPL Financial. “After 2023 was a year in which improving valuations delivered strong gains, this year, earnings will likely have to do the heavy lifting.”

Wall Street awaits December retail sales due out Wednesday. The findings could offer further insight into the health of the consumer or contribute to growth concerns should spending ease. Economists polled by Dow Jones are expecting retail sales to rise 0.4% in December, up slightly from 0.3% in November.

The Federal Reserve’s beige book and business inventories for November are also slated for Wednesday, along with remarks from New York Federal Reserve Bank President and CEO John Williams.



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