Market News
The main U.S. stocks are fluctuating between slight gains and losses at the start of trading on Wednesday, as they approach record numbers for both the S&P 500 and the Dow Jones Industrial Average.
Dow Jones Today: Stocks Fluctuate in Early Trading as S&P 500 and Dow Near Record Levels
At 11:00 AM Eastern Time, the S&P 500 and the Nasdaq Composite were down less than 0.1%, while the Dow was up 0.1%.
The shortened trading week started off well for investors on Tuesday as all three major markets posted strong gains. The S&P 500 closed at 4,774.75, just 22 points shy of its highest level in January 2022, while the Dow stood at 37,545 points, only 12 points away from surpassing its highest close on December 19.
U.S. stocks have risen for eight consecutive weeks amid optimism that the Federal Reserve will soon begin to cut the benchmark interest rate and that the economy will avoid a recession.
Yields on 10-year Treasury bonds, which had been moving in parallel with stock market gains, dipped slightly to 3.83%, while gold contracts rose by 0.9% to $2,089.
Oil futures fell after a sharp increase on Tuesday, as investors closely monitor the impact of attacks on shipments passing through the Red Sea. WTI crude oil futures fell by 0.7%.
In our live coverage here this week, we will provide the latest market news and also highlight some year-end summaries and future forecasts from Investopedia.
Cryptocurrency-Related Stocks Among the Biggest Winners on Wednesday
Cryptocurrency-related stocks are among the major stocks driving the market on Wednesday.
In late morning trading, shares of digital mining company Marathon Digital Holdings Inc. (MARA) rose by 7.8%; mining and infrastructure company Riot Platforms Inc. (RIOT) rose by 3%; cryptocurrency exchange Coinbase Global (COIN) added 6.2%; and MicroStrategy Inc. (MSTR), a cloud services and mobile software company that has invested heavily in Bitcoin in recent years, increased by 4%.
In 2023, these stocks have outperformed the Magnificent Seven stocks that contributed to the overall market rally. Read our story about that from earlier this month here.
Cryptocurrency-related stocks tend to track the movements of cryptocurrencies such as Bitcoin, which rose by 1.2% to around $43,000 on Wednesday.
Optimism about the prospects of cryptocurrencies has grown in recent months amid expectations that regulators may soon approve a direct Bitcoin exchange-traded fund.
Artificial Intelligence is the Top Technology Investment Topic for 2024
Artificial Intelligence (AI) is the biggest technology investment topic for 2024, just as it was in 2023.
While the public recognized the power of generative AI in 2023, many practical applications of the technology are still emerging. According to iShares, 70% of executives expect to increase their investments in AI in 2024.
AI seems set to advance faster than regulation, making it important for companies to self-regulate and use AI responsibly. Companies may create many new AI-related roles to oversee policies, ethics, law, and other concerns.
AI-driven robots may emerge in 2024 and quickly replace virtual assistants like Siri and Alexa.
Read more here about the significance of AI as an investment topic. We have also taken a deep dive into the impact of AI on economic productivity and regulatory outlooks.
ContractsFutures for Stocks Stable
Futures linked to the Dow Jones Industrial Average were nearly flat about 45 minutes before the opening bell.
The same applies to S&P 500 futures. Both the S&P 500 and Dow are very close to their all-time closing highs. The Dow has set record numbers in recent weeks, but for the S&P 500, the highest close has not been achieved since January of last year.
Nasdaq futures were also slightly steady.
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Source: https://www.investopedia.com/dow-jones-today-12272023-8420300
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