S&P 500 predictions for futures have had a minor advance this last Thursday as we wait for economic numbers. Specifically, the most important data point will be inflation data for December. We will also get numbers on the overall performance of the economy for the 4th quarter.
Futures in the S&P 500 went up by 0.16% in the session, while Nasdaq futures advanced by 0.3%. Meanwhile, the Dow Jones experienced a 0.12% rise.
When it comes to the mainstream stocks, the numbers were even better for all 3 of these indices. The S&P 500 gained 0.57% as the Dow Jones gained 0.45%. The tech-heavy Nasdaq Composite rose up by 0.75%. The S&P 500 forecast remains very positive, in fact, predicting 5-10% returns this year.
If we look deeper into S&P 500 technical analysis, the index is actually reaching its highest point ever.
KB Home was one notable stock exception, which had lost 1% of its value at this time. The main reason for this would be its 4th quarter data it released not so long ago. Analysts expected a $.62 billion revenue guidance as the real numbers went from $6.4 billion up to $6.8 billion.
The CPI data coming out will be essential for investors to keep an eye on. As of right now, economists are predicting the numbers to rise by 0.2%, meaning an actual inflation rise. That would leave the numbers at 3.2% at a year-to-year level.
This will likely spur markets ahead, as the Fed is likely to act in accordance to keep prices down. Despite recent predictions of rate cuts, the Fed may actually end up tightening monetary policy yet again. Originally, the market foresaw 6 rate cuts coming up in 2024. However, it is now looking more likely that the Fed’s plans for 3 rate cuts will be what they carry out. We shall have to see how this affects S&P 500 predictions.
Finally, traders are anticipating an SEC decision on a Bitcoin ETF session soon enough. This will surely have a major impact on crypto stocks in the upcoming month, whichever direction the decision goes.
