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

Published: January 25 2023, 23:21 GMT+0

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

A quick look at today: S&P 500 ended the session around the 4,016.22 level today, after yesterday's 0.78 points decline and close at 4,017.

This uncertain state for the S&P is reflected by published market data as data from United States concerning Crude Oil Inventories was released today at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 this month. United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

While the S&P 500 was pretty flat today, mixed performances were seen elsewhere as KOSPI Composite Index is trading around 2,428.57 after ending today's session at 2,395.26 (up 1.39% today). Hang Seng went up by 1.82% today, and closed at 22,045. ASX 200 lost 0.3% today and closed at 7,490.4.

Data to be released tomorrow might clear up some of the market fog as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The S&P 500 has managed to gain 5% so far this year despite trading at lows around 3,577 previously.

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