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Indices closed at new highs while waiting to see inflation and earnings reports

investThe Dow Jones Industrial Average hit a new high as people awaited the latest inflation and earnings data.

The Dow Jones Industrial Average rose 125.69 points, or 0.33%, to close at 38,797.38. The S&P 500 index closed at 5021.84, down 4.77 points, or 0.09%; The Nasdaq index closed at 15942.55, down 48.12 points, or 0.3%.

Cloud software stocks fell 1.37% as salesforce dragged down the dow. Hershey fell 0.89% after Morgan Stanley downgraded its stock to underweight due to weak demand.

Diamondback Energy, on the other hand, rose 9.38% after it announced it was acquiring oil and gas producer Endeavor Energy Partners.

On the 9th, the index closed above 5,000 points for the first time in history. Since the beginning of the year, the S&P 500 is up more than 5%.

The three major stock indexes rose for the fifth consecutive week, with the S&P 500 and Nasdaq up 1.4% and 2.3%, respectively, last week. The Dow Jones Industrial Average gained.

Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote: “Although US stocks are currently overbought, we believe the rally is fully supported.”

About 61 component stocks of the S&P 500 will report earnings in the coming week, including gig economy stocks Lyft, Instacart and DoorDash. Companies like AutoNation, Kraft Heinz, Hasbro and Coca-Cola will also shed light on the state of the American consumer.

Traders will also pay attention to the latest level of the Consumer Price Index (CPI) to be released on the morning of the 13th. More key economic data are expected to be released on the 15th and 16th, including January retail sales, production, imports and exports, new housing starts, and producer price index (PPI) data.

Meghan Swiber, rates strategist at Bank of America, wrote, “fedIt was stressed that inflation data needed to be “more credible” before the interest rate cut cycle could begin. We believe part of the confidence the Fed is looking for is in the deflation component. ,

“Deflation so far has been driven by the decline in goods prices, while the decline in services has been more stubborn. This gap is expected to persist in January,” he said.

The market rally over the past three months has been unusually strong and sustained, he said, raising the possibility of a bounceback soon. According to data from Bespoke Investment Group, the S&P 500 index has not fallen by 2% for 70 consecutive trading days.

Kelly, chief global strategist at JPMorgan Asset Management, said in JanuaryemploymentThe report shows that hourly wages have increased by 4.5% annually, but this does not mean that a new round of inflation is coming.

If anything, U.S. workers aren’t doing enough to push for wage increases, which is helping inflation decline, he said at the ETF conference. “If you want to understand why inflation is falling in such a full-employment economy, here’s why: Because American workers don’t ask for pay raises. That’s not true, at least not that way. As they can.”

He pointed to low union membership as one reason workers are hesitant to take significant pay increases with the unemployment rate below 4%. He also said that increased productivity means wage increases can exceed inflation, preventing prices from rising again. “Wage growth should be the sum of consumer inflation and productivity. Current productivity growth is strong, which means 4% wage growth.” No problem.”

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