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The Stock Market Gets Bothered by 2024 – Initial Jobless Claims, Wholesale Inventories, and Pending Home Sales Point to Market’s Nervousness
On Thursday, major market averages moved up as traders finally got some macro data on which to trade. The Nasdaq Composite (COMP.IND), S&P 500 (SP500), and the Dow (DJI) all grew around 0.1%.
Michael Landsberg,Chief Investment Officer at Landsberg Bennett Private Wealth Management, stated that he sees the market too optimistic about the amount of rate cuts projected for 2024.
He believes the year-end rally is sustained on anticipated rate cuts that may not occur. He expects a maximum of three rate cuts to happen in 2024 – starting July, and with no sooner movement unless unexpected economic news warrant adjustment of the interest rates.
Analyzing Rates
The 10-year Treasury yield (US10Y) went up two basis points to 3.82%, while the 2-year yield (US2Y) escalated three basis points to 4.27%.
Checking the Economic Calendar
Data from the economic calendar exhibited an unexpected rise in initial jobless claims for the week ended December 23, with 218K recorded compared to the 210K predicted. Preliminary November wholesaler inventories registered a 0.2% decrease on a monthly basis, resulting in $895.7B when compared to the 0.2% consensus.
Furthermore, pending home sales stalled in November, with the index kept at 71.6, practically showing the 0.8% expansion predicted.
Conclusion
The stock market is seemingly quite concerned about rate cuts long-term, which impacts the present rally. Initial jobless claims, wholesale inventories, as well as pending home sales all suggest the market uneasiness.
Clickbait Style Titles
1. Is the Stock Market Getting Too Anxious Over Possible 2024 Rate Cuts?
2. Are Traders at Risk of Making Wrong Assumptions in Anticipation of 2024 Rate Cuts?
3. The Stock Market’s Nervousness Over 2024 Rate Cuts Revealed By Market Data
4. Stock Market Unsettlement Over 2024 Rate Cuts Exposed By Jobless Claims, Wholesale Inventories, and Pending Home Sales
5. Find Out What Has the Market Jittery Over 2024 Rate Cuts