Coffee With Greta: Quiet Week


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DJIA Futures: -5 (-0.01%)

SPX Futures: +2 (+0.04%)

NASDAQ Futures: +17 (+0.1%)

Good morning friends!

Futures are flat as the S&P 500 nears a fresh all-time high.

Let’s get right to it!

Flirting With A Record

The S&P 500 closed Tuesday with 0.5% of its previous closing record that was set in January 2022. 

The major indexes are all set to post strong gains for the year with just three trading days left. 

In 2023, the Dow is up 13%, the S&P 500 is up 24%, and the Nasdaq has surged 44%. 

The tech-heavy Nasdaq is on track for its largest annual gain since 2003, when it rallied over 50%.

Bonds Continue Downtrend

Treasury yields are continuing to fall this morning as traders assess the future of Fed policy in 2024.

The 10-year yield is down 5 basis points at 3.85% while the 2-year yield is 1 basis point lower at 4.27%.

CME Group’s FedWatch Tool shows nearly 73% of traders expecting the first rate cut at the Fed’s March 20 meeting. 

The market will be focused on data in the weeks ahead like the jobs report and the CPI to gauge whether those predictions should stand. 

Oil Prices Stabilize

Oil prices are lower this morning after jumping on Wednesday amid tensions in the Red Sea. 

West Texas Intermediate crude futures are down 0.8% at just under $75 bbl while Brent crude futures are down 0.6% at over $80 bbl. 

Major shippers resumed passage through the key trade route in the Red Sea today after fresh attacks on ships in the region. 

The American Petroleum Institute is set to release its inventory report today while the Energy Information Administration will release its report on Thursday.

Tesla To Refresh Model Y 

Tesla (TSLA) shares are up 0.6% ahead of the open following a Bloomberg News report the company plans to revamp its Model Y. 

The refreshed SUV is expected to be built at the automaker’s plant in Shanghai. 

It will reportedly feature significant changes to both the interior and exterior and is expected to reach mass production in mid-2024. 

Sources told Bloomberg the Shanghai factory will pause production for about a week after the new year to upgrade its production capabilities and the plant will need another upgrade later in the year. 

In Case You Missed It

  • Home prices rose at the strongest pace of 2023 in October. The S&P Case-Shiller national home price index jumped 4.8% from October 2022. That was up from the 4% gain in September. The 20-city index rose 4.9% and the 10-city index rose 5.7%. Detroit saw the largest gain with prices up 8.1%, prices rose 7.2% in San Diego, and 7.1% in New York.

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