Wall Street took a breather on Tuesday, with the major U.S. stock indices trading near the flatline or showing slight declines during midday trading in New York as investors closely await a series of relevant earnings reports and crucial economic data slated for the remainder of the week.
Equities soared in late 2023 on Fed rate cut expectations and faith in the economy. However, market specialist Scott Shellady predicts a reckoning in 2024 as the consumer weakens and layoffs increase.
U.S. stocks are set for additional gains on Monday, building on the momentum of the S&P 500 reaching a new high last Friday, with earnings expected to be the focal point throughout the upcoming week.
The S&P 500 Index, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), achieved historic all-time highs during the last session of the week, marking a significant milestone following more than two years
2023 was a historical milestone for S&P 500 as it once again surpassed record highs, largely due to tech giants and artificial intelligence. Top gainers were NVIDIA, Meta Platforms, and AMD.