Stagnant the S&P 500 dips to 3,949 amid sluggish price action

Published: January 26 2023, 01:36 GMT+0

Stagnant the S&P 500 dips to 3,949 amid sluggish price action

Yesterday at a glance: overall, S&P 500 shed around 0.78 points or 0.02% and ended yesterday's session at 4,016.22.

Uncertainty around the S&P 500 is reflected by published market data as United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

While the S&P was pretty flat yesterday, mixed performances were seen elsewhere as Hang Seng increases 1.82% yesterday and closed at 21,651. ASX 200 is down to 7,468.3, losing 22.1 points, after ending the previous session around 7,490.4. KOSPI Composite Index is trading around 2,435.31 after ending yesterday's session at 2,428.57 (up 0.28% today).

Data to be released today might clear up some of the market fog as today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

The S&P has managed to gain 5% so far this year despite trading at lows around 3,577 previously.