U.S. stock futures are showing slight gains today as investors eagerly await the release of key inflation figures later this week. The Dow futures contract remains unchanged, while the S&P 500 futures have added 7 points, a 0.1% increase, and Nasdaq 100 futures have gained 66 points, a 0.4% increase.
Following a mixed closing session on Wall Street, with the Dow Jones Industrial Average shedding 0.4% and the S&P 500 dropping 0.2%, while the Nasdaq Composite gained 0.1%, traders are keeping a close eye on the forthcoming U.S. consumer price index for December. This crucial economic data could potentially impact the Federal Reserve’s decision-making on interest rate cuts throughout the year. While the Fed has previously expressed a dovish outlook for borrowing costs in 2024, recent statements from policymakers suggest a more cautious approach to potential rate reductions in the near future. As a result, the optimism that initially drove a rally in stocks at the end of last year has diminished.
False Social Media Post Triggers Volatility in Bitcoin
Bitcoin’s price has experienced a decline after a false post on social media created significant fluctuations in the cryptocurrency’s value. The fraudulent statement, which appeared on X social media platform, falsely claimed that the U.S. Securities and Exchange Commission had approved the listing of Bitcoin exchange traded funds (ETFs) on registered national securities exchanges. However, SEC Chairman Gary Gensler promptly discredited the post, revealing that it was a fake and that the regulator’s official X account had been compromised. Gensler emphasized that the SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
Bitcoin briefly surged in response to the initial false post but later retreated following Gensler’s clarification. The possibility of spot Bitcoin ETF approval has generated high expectations, with cryptocurrency proponents anticipating significant capital inflows into the digital asset. However, this recent incident highlights the continued uncertainty and volatility surrounding cryptocurrency markets.
Boeing CEO Acknowledges Mistake After 737 Max Incident
Boeing Chief Executive Dave Calhoun has publicly admitted that a recent door panel blow-out on one of the company’s 737 Max aircraft was a mistake. Speaking at a town hall meeting at a Washington-based factory, Calhoun expressed the gravity of the incident, emphasizing the company’s commitment to preventing such occurrences in the future. This marks the first public acknowledgment of errors from Boeing regarding the 737 Max, which previously faced safety crises following fatal crashes in 2018 and 2019.
While the Alaska Airlines-operated 737 Max 9 jet was able to land safely after the door plug detachment, the incident has intensified scrutiny of Boeing and its 737 Max planes. The company will face increased pressure to address safety concerns surrounding the aircraft.
Tesla Introduces Upgraded Model 3 in North America
Tesla has launched an updated version of its Model 3 sedan in North America after its successful debut in China and Europe. The revamped features include a rear display for backseat passengers, redesigned wheels, and two new color options: “Ultra Red” and “Stealth Grey.” As part of this update, Tesla has removed the “performance” variant of the Model 3 from its North American websites, leaving only the long-range and rear-wheel drive versions. The prices for these models remain unchanged, with the long-range priced at $45,990 and the rear-wheel drive priced at $38,990.
It is notable that both versions are no longer eligible for a major U.S. federal tax credit, a change that occurred last year. Tesla continues to expand its product offerings and enhance its lineup in order to attract a broader range of customers.
Oil Prices Experience Volatility Amid Mixed Inventory Data
Oil prices have been fluctuating today as traders assess the impact of disruptions in Middle East supply and mixed U.S. inventory data. U.S. crude futures are down 0.6% at $71.82 per barrel, while the Brent contract has fallen 0.6% to $77.13 per barrel.
Recent concerns about tightening markets due to disruptions in Middle Eastern supply prompted a rebound in crude prices. However, data from the American Petroleum Institute showed a larger-than-expected 5.2 million barrel decrease in U.S. crude stockpiles, indicating a potential increase in demand. On the other hand, gasoline and distillate inventories saw strong builds, which could be attributed to a severe winter storm impacting road travel. These mixed numbers raise questions about the overall demand for oil, particularly from the largest fuel consumer, the United States.