Wall Street Today | Dow Notches Fresh Record Close
RECAP
The $Dow Jones Industrial Average (.DJI.US)$ nudged higher, recording a new high Wednesday, with the S&P 500 hovering a fraction below record territory as investors continued to chase a year-end rally fueled by expectations that U.S. interest rates will fall in 2024.
The $S&P 500 Index (.SPX.US)$ was up 0.14% and $Nasdaq Composite Index (.IXIC.US)$ was up 24 points, or 0.16%.
MACRO
Goldman's Rate Cut Projections
Goldman Sachs economists see a "a reasonable chance" that the Federal Reserve's preferred gauge of inflation could drop below 2%, and the rapid pace of decline could prompt policymakers to start lowering interest rates in March.The investment bank's rate outlook implies five cuts next year and another three in 2025, according to the note. That could take interest rates to 3.25% to 3.50%, according to the forecast.
Richmond Fed's Manufacturing Survey
Manufacturing activity in the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia fell deeper into negative territory as shipments and new orders fell, according to the most recent survey from the Federal Reserve Bank of Richmond.The composite manufacturing index was at -11 in December, down from -5 in November, the Richmond Fed said Wednesday. Shipments fell to -17 from -8, new orders decreased to -14 from -5, and employment declined to -1 from 0.
SECTORS
Oil Prices Pull Back From December Highs, End Lower as Traders Monitor Red Sea Developments
Oil futures on Wednesday pulled back from December highs, ending lower as investors continued to monitor developments in the Red Sea amid worries over potential disruptions to crude shipments.
Oil rose to December highs on Tuesday after Yemen's Iran-backed Houthi rebel militia claimed responsibility for both a missile attack against the containership MSC United VIII and an attempt to attack Israel with drones.
Bitcoin Prices Inch Higher
Bitcoin has traded up 2% over the last 24 hours to $43542. The largest cryptocurrency has largely traded in a range of between $41,000 and $44,000 since early December but has more than doubled this year so far.
$Coinbase (COIN.US)$ , $Riot Platforms (RIOT.US)$ , $MARA Holdings (MARA.US)$ , and other crypto stocks rise on Bitcoin's rally.
COMPANIES
Apple Smartwatch Ban Delayed
$Apple (AAPL.US)$ scored a legal victory Wednesday when a U.S. appeals court delayed a government commission's import ban on popular Apple Watch models after a patent dispute with medical-technology firm $Masimo (MASI.US)$.
New York Times Sues Microsoft and OpenAI, Alleging Copyright Infringement
The $New York Times (NYT.US)$ is suing $Microsoft (MSFT.US)$ and OpenAI, arguing that the tech companies used its content to create artificial intelligence products, including ChatGPT and Microsoft's Copilot, without the news organization's permission.
Burford's $6.2B Share in Argentine Lawsuit Award
$Burford Capital (BUR.US)$shares surged 19% after Bloomberg reported that Argentina’s President Javier Milei is considering issuing a perpetual bond to pay the litigation fund a $16 billion lawsuit award stemming from the nationalization of state-run energy company YPF.According to Bloomberg, litigation fund Burford Capital acquired the right to pursue the claims in 2015 and could get $6.2 billion, the biggest share of the award. US Federal Judge Loretta Preska said Argentina must pay by Jan. 10 or face the potential seizure of assets, the report stated.
$Cytokinetics (CYTK.US)$shares rallied after the company released positive results from the Phase 3 clinical trial of its heart disease treatment aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM). The results show that treatment with aficamten significantly improved exercise capacity compared to placebo, increasing peak oxygen uptake, the company said in a press release.
$Coherus BioSciences (CHRS.US)$saw its shares rise after the commercial-stage biopharmaceutical company said the U.S. Food and Drug Administration approved its Udenyca Onbody, a pegfilgrastim biosimilar administered the day after chemotherapy to decrease the incidence of infection.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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