Stagnant the S&P 500 peaks at 4,019.55 amid sluggish price action

Published: January 26 2023, 06:16 GMT+0

Stagnant the S&P 500 peaks at 4,019.55 amid sluggish price action

Yesterday at a glance: the S&P retained its composure around the 4,016.22 level after dropping 0.02%.

This uncertain state for the S&P 500 is reflected by published market data as following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000. 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 500 was pretty flat yesterday, mixed performances were seen elsewhere as notably, KOSPI Composite Index rose 1.56% yesterday and closed at 2,428.57. Hang Seng is trading around 22,500 after ending yesterday's session at 22,045 (up 2% today). ASX 200 slips 0.3% yesterday and closed at 7,490.4.

Data to be released today might clear up some of the market fog as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

This year has been a bright one for the S&P after trading as low as 3,577 and going on to appreciate by 5% year to date.

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