Dow

The Dow Jones Industrial Average rose Monday, looking to add to Friday's powerful stock market gains. December-quarter earnings season kicks off this week, ...

[DE](https://research.investors.com/quote.aspx?symbol=DE)) [NBIX](https://research.investors.com/quote.aspx?symbol=NBIX)) [CAT](https://research.investors.com/quote.aspx?symbol=CAT)) [CVX](https://research.investors.com/quote.aspx?symbol=CVX)) [WMT](https://research.investors.com/quote.aspx?symbol=WMT)) [Another recent IBD Stock Of The Day](https://www.investors.com/research/ibd-stock-of-the-day/deere-stock-builds-a-new-base-on-expected-profit-growth/), Deere, is building a flat base with a 448.50 buy point. [CAT stock](https://research.investors.com/stock-checkup/nyse-caterpillar-cat.aspx) shows a strong 98 out of a perfect 99 [IBD Composite Rating](https://www.investors.com/how-to-invest/investors-corner/stocks-to-buy-and-watch-ibd-composite-rating-top-growth-stocks/), per the [IBD Stock Checkup.](https://research.investors.com/stock-checkup/) The Composite Rating is designed to help investors easily find top growth stocks. [a recent IBD Stock Of The Day](https://www.investors.com/research/ibd-stock-of-the-day/cah-stock-outperforms-despite-activist-investor-board-shake-up/), rallied 2.6% Friday, regaining its 50-day line. [IBD's The Big Picture column](https://www.investors.com/category/market-trend/the-big-picture/)amid the ongoing stock market weakness. [AYI](https://research.investors.com/quote.aspx?symbol=AYI)) and Commercial Metals ( [CMC](https://research.investors.com/quote.aspx?symbol=CMC)). [Friday's The Big Picture column](https://www.investors.com/market-trend/the-big-picture/stock-market-powers-higher-in-first-rally-of-2023-these-groups-fare-best/) commented, "The positive action in high volume has caused the IBD market outlook to switch to "market in confirmed uptrend." [IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox](https://get.investors.com/marketdiem/) And Tesla ( [TSLA](https://research.investors.com/quote.aspx?symbol=TSLA)) stock continued to bounce after hitting a new low Friday. [Five Dow Jones Stocks To Buy And Watch Now](https://www.investors.com/research/dow-jones-stocks/) Caterpillar and [Medpace](https://www.investors.com/research/ibd-stock-of-the-day/medp-stock-how-it-shocked-investors-on-the-way-to-multiple-possible-entries/) were recent [IBD Stock Of The Day](https://www.investors.com/research/ibd-stock-of-the-day/) companies. And Cardinal Health was [featured](https://www.investors.com/stock-lists/stocks-near-a-buy-zone/dow-jones-leader-caterpillar-headlines-these-4-stocks-in-or-near-buy-zones/) in a recent Stocks Near A Buy Zone column.

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This includes one-year and five-year inflation expectations from the New York Fed—investors will want to see those figures fall—and remarks from Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly.\n\n“So in terms of the first quarter, my modal outlook is really that growth will continue to slow, the labor market will continue to slow and that inflation will continue to come down,” Daly said in a video interview with The Wall Street Journal on Monday. “We like emerging market stocks over DM and like high grade credit,” they wrote.\n\nRemarks and data set for the coming days will add more color to the inflationary and economic picture, including a speech from Fed Chairman Jerome Powell scheduled for Tuesday, before the release of the U.S. “If that should transpire, then raising interest rates through those things and getting up to a level that we would stop at and hold for some period of time, to my mind would be appropriate policy.”\n\nDaly added that the Fed is “completely data dependent” and could adjust its views depending on how the economy shifts going forward.\n\nWall Street will also welcome the start of earnings season as the first reports from the fourth quarter of 2022 begin trickling in. inflation data and the start of fourth-quarter earnings season.\n\nEdward Moya, senior market analyst at The Americas OANDA, wrote that the recent stock rally came as “soft-landing hopes grow.” The U.S. jobs report last Friday helped stocks stage a big rally, with investors optimistic about a “soft landing”—that the Federal Reserve will be able to rein in inflation without spurring a deep economic slowdown.\n\nBlackRock Investment Institute strategists shared a note Monday exploring why this year looks different, highlighting key takeaways on developed markets.\n\n“We see three shifts shaping 2023 as the new regime keeps playing out,” the BlackRock strategists wrote. Stocks were mixed Monday, losing some of the momentum from a rally last Friday to start a new week of trading.

U.S. stocks traded higher this morning, with the Dow Jones gaining around 150 points on Monday.

The company expects to report revenue in the range of $252 million to $253 million for FY22. India confirmed a total of at least 44,681,170 cases and 530,720 deaths, while France reported over 39,407,720 COVID-19 cases with 162,640 deaths. CUTR were down 26% to $29.94 after the company reported preliminary unaudited financial results for FY22. In total, there were at least 668,796,070 cases of COVID-19 worldwide with more than 6,714,170 deaths. has the highest number of coronavirus cases and deaths in the world, reporting a total of 103,086,920 cases with around 1,121,090 deaths. Industrial production in Germany rose 0.2% month-over-month in November. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 gained 0.2% while Spain’s IBEX 35 Index slipped 0.1%. The German DAX gained 1 %, French CAC 40 climbed 0.5% and Italy’s FTSE MIB Index gained 0.7%. Acuity Brands reported first-quarter FY23 net sales growth of 7.8% year-over-year to $997.9 million, beating the consensus of $984.5 million. The S&P 500 also rose, gaining, 0.70% to 3,922.36. Calithera Biosciences announced board approval of complete liquidation and dissolution. - Calithera Biosciences, Inc.

The Dow Jones Industrial Average fumbles a big gain, with stocks pulling back from early highs after Fed officials emphasize expectations for rates to rise.

[BBBY,](/investing/stock/BBBY?mod=MW_story_quote)soared 23.7% on +23.66% [no discernible catalyst](https://www.marketwatch.com/story/bed-bath-beyond-stock-rallies-despite-looming-specter-of-potential-bankruptcy-2023-01-09?mod=search_headline&mod=article_inline). [AMGN, -1.85%](/investing/stock/AMGN?mod=MW_story_quote), Johnson & Johnson [JNJ,](/investing/stock/JNJ?mod=MW_story_quote)and Merck & Co. The initial dip came after Tesla said it has slashed prices in China for the second time in three months, in an apparent effort to boost sales of its electric vehicles hours after announcing disappointing December deliveries in China. In a business update on Thursday the sometime meme stock darling [said](https://www.marketwatch.com/story/bed-bath-stock-plunges-after-sales-miss-going-concern-warning-11672926223?mod=article_inline&mod=article_inline)it has “substantial doubt” about its “ability to continue as a going concern.” -2.59% [MRK,](/investing/stock/MRK?mod=MW_story_quote)weighed on the Dow. A pullback by Treasury yields, extending last week’s decline, helped underpin the tech-heavy Nasdaq. That’s down from 5.2% in the prior month, and is at the lowest level since July 2021. But it also showed a slowing in wage growth, potentially easing pressure on service sector inflation, an area of price pressure that the Fed is keenly eyeing as it tightens monetary policy. consumer-price index is released on Thursday, followed the next day by the fourth quarter corporate earnings season kicking into gear, with JPMorgan Chase indices as a well deserved sigh of relief,” she wrote. “I think something above 5 is absolutely, in my judgment, going to be likely,” Daly said during a streamed interview with The Wall Street Journal. Stocks rose sharply on Friday, turning major indexes positive for the week.

Major market averages opened up trading on Monday to the topside following the sharp rally to end the previous week.

The 2-year yield ( [US2Y](https://seekingalpha.com/symbol/US2Y)) was lower by 3 basis points to 4.23%. Higher prices may be changing behavior." "That breaking point may now have been reached. "Friday’s US employment report will be revised, but the evidence could be a signal of some economic weakness ahead," UBS' Paul Donovan wrote. "The US has experienced very negative real wage growth - even when ignoring fictitious prices like owners’ equivalent rent. [DJI](https://seekingalpha.com/symbol/DJI)) picked up 0.5%, the S&P 500 ( [SP500](https://seekingalpha.com/symbol/SP500)) moved higher by 0.8%, and the Nasdaq Composite ( [COMP.IND](https://seekingalpha.com/symbol/COMP.IND)) rose by 1.5%.

By William Watts and Jamie Chisholm. Goldman Sachs to lay off over 3,000: report. The Dow Jones Industrial Average fumbled a big gain Monday, as stocks ...

The New York Fed on Monday said its December Survey of Consumer Expectations showed consumers see inflation running at a 5% rate a year from now. The market could face a big test when the U.S. A pullback by Treasury yields, extending last week's decline, helped underpin the tech-heavy Nasdaq. The nonfarm payrolls report showed a healthy pace of job creation and an unemployment rate of just 3.5%. Stocks came off early highs after San Francisco Fed President Mary Daly on said she expects the central bank to boost interest rates above 5% to get inflation down. Stocks rose sharply on Friday, turning major indexes positive for the week.

Dow Jones rises to start the earnings season. S&P Global Market Intelligence sees a strong economy in 2023. Retail stocks fall; BBBY pops.

[CAT](https://research.investors.com/quote.aspx?symbol=CAT)) is in a buy zone from a cup-with-handle base and buy point of 238. H&E Equipment Services ( [HEES](https://research.investors.com/quote.aspx?symbol=HEES)) reversed lower but is still in a buy zone after a breakout past 47.27. Oil and gas drilling services company Halliburton ( [HAL](https://research.investors.com/quote.aspx?symbol=HAL)) broke out of a cup-with-handle base and buy point of 40.09. JPM is approaching a buy point of 138.76 in a flat base. [SLB](https://research.investors.com/quote.aspx?symbol=SLB)) fell back slightly from its buy point of 56.14. Shares are in a buy zone after the stock found support at the 10-week moving average. Uber is forming a base with a buy point of 31.92. It got an overweight rating from Piper Sandler analyst Brent Bracelin, with a price target of 104, up from 85. Modine is in a buy zone from a buy point of 22.23. Amkor is in a buy zone from a cup base's buy point of 29.20. According to the latest data from S&P Global Market Intelligence, real GDP rose to 2% in 2022. The Dow Jones Industrial Average finished lower to start the first week of fourth-quarter earnings season.

A renewed retreat by Treasury yields saw the tech-heavy Nasdaq Composite hold on to sharp gains Monday afternoon, while the more cyclically oriented Dow ...

U.S. stocks closed mixed on Monday after failing to sustain momentum from the first big rally of the year last week.

Softer-than-expected average hourly earnings fueled a rally in stocks as investors believe that the unemployment rate isn't that important for the Fed if wage ...

The faster that drops towards 5.0% y/y, the better for stocks.” Overall, the S&P 500 EPS for Q4 is expected to fall by 5%, excluding Energy. The Q4 reporting season is due to start later this week with consensus looking for no earnings growth year-over-year. [S&P 500](/indices/us-spx-500) closed 1.45% higher in the first trading week of 2023 after the market interpreted Friday’s jobs report as bullish for stocks. Softer-than-expected average hourly earnings fueled a rally in stocks as investors believe that the unemployment rate isn’t that important for the Fed if wage growth is softening. [Saved Items](/members-admin/saved-items)

Dow Jones rises to start the earnings season. S&P Global Market Intelligence sees a strong economy in 2023. Retail stocks fall; BBBY pops.

[CAT](https://research.investors.com/quote.aspx?symbol=CAT)) is in a buy zone from a cup-with-handle base and buy point of 238. H&E Equipment Services ( [HEES](https://research.investors.com/quote.aspx?symbol=HEES)) reversed lower but is still in a buy zone after a breakout past 47.27. Oil and gas drilling services company Halliburton ( [HAL](https://research.investors.com/quote.aspx?symbol=HAL)) broke out of a cup-with-handle base and buy point of 40.09. JPM is approaching a buy point of 138.76 in a flat base. [SLB](https://research.investors.com/quote.aspx?symbol=SLB)) fell back slightly from its buy point of 56.14. Shares are in a buy zone after the stock found support at the 10-week moving average. Uber is forming a base with a buy point of 31.92. It got an overweight rating from Piper Sandler analyst Brent Bracelin, with a price target of 104, up from 85. Modine is in a buy zone from a buy point of 22.23. Amkor is in a buy zone from a cup base's buy point of 29.20. According to the latest data from S&P Global Market Intelligence, real GDP rose to 2% in 2022. The Dow Jones Industrial Average finished lower to start the first week of fourth-quarter earnings season.

Investing.com -- The Dow gave up gains to close lower Monday, as falling health care and energy stocks offset tech strength in tech after Treasury yields ...

Despite a valiant attempt to extend Friday's bounce, the Dow slipped below breakeven this afternoon to log a 112-point drop. The S&P 500 inched into the red ...

[Uber Technologies stock](https://www.schaeffersresearch.com/content/news/2023/01/09/analyst-high-car-prices-bode-well-for-uber-stock)upgraded due to high car prices. (MarketWatch) jobs reports continued to generate tailwinds. (CNBC) [Lululemon stock](https://www.schaeffersresearch.com/content/news/2023/01/09/lululemon-stock-gaps-lower-on-margin-update). The S&P 500 inched into the red by the end of the day as well, while the Nasdaq managed to finish with gains, though it was far off its session highs.

Stocks ended mostly lower Friday, with the Dow Jones Industrial Average and S&P 500 fumbling strong gains while the Nasdaq Composite managed to hang on for ...

Stocks ended up mixed Monday on Wall Street after early gains fade. The S&P 500 dipped 0.1% after surrendering an early gain of 1.4% in its first trading ...

The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, fell to 3.52% from 3.57% late Friday. Analysts, though, warn more bumpiness is almost surely on the way for the stock market. Warnings are also coming for what look to be lackluster earnings reports from companies, which are contending with higher labor costs and other expenses that eat into their profits. That’s key because profits are one of the main levers that set stock prices. Slightly more stocks in the index rose than fell. Altogether, the S&P 500 slipped 2.99 points to 3,982.09. Such rate increases have already slowed parts of the economy sharply, and the fear is more big hikes could cause a painful recession. And that’s if the economy avoids a recession. Treasury yields fell further Monday as traders adjust bets for what the Fed will do. Economists expect it to show inflation slowed further to 6.5% last month from 7.1% in November. They dropped Friday after data showed workers are winning weaker raises than in earlier months. The Dow Jones Industrial Average dipped nearly 113 points, or 0.3%, while the Nasdaq composite gained 0.6%.

4.08pm: Tech stocks buck the weaker mood Tech stocks moved higher, boosting the Nasdaq Composite, on growing expectations that the Federal...

“This week also marks the start of the earnings season, with proceedings being opened by the likes of Bank of America, Citigroup and JP Morgan,” Hunter continued. “If Friday’s price action tells us anything it’s that investors really want to believe the peak inflation narrative that has helped support the rebound in equity markets that we’ve seen so far this year,” said Michael Hewson, chief market analyst at CMC Markets UK. "Jobs growth was good but not too much, participation improved, wage growth moderated and revisions to the November data eradicated any fears that the report initially triggered. According to online retail trading platform, Capital.com, bullish market sentiment on Tesla stock appears to be on the rise, reflected by the surge in trading volumes and the growing number of long CFD positions in the stock in the past week. The embattled retailer warned recently that it could go bankrupt. In between was the S&P 500 which ended little changed. Stocks ended the week in the green, with the S&P 500 closing 2.8% higher at 3,895, the Nasdaq Composite up 2.6% at 10,569, and the DJIA rounding out the pack with a gain of 2.1% to close at 33,631. "Last week's jobs report ticked every box," said Craig Erlam, senior market analyst, UK & EMEA, at OANDA . Just after the market opened, the Dow Jones Industrial Average had added 162 points or 0.5% at 33,793 points, the S&P 500 was up 25 points or 0.6% at 3,920 points, and the Nasdaq Composite had gained 111 points or 1% at 10,5673 points. Stocks on the move included Tesla Inc. At midday, the Dow was up 242 points, 0.7%, to 33,873, the Nasdaq Composite added 222 points, 2.1%, to 10,792 and the S&P 500 improved 49 points, 1.3%, to 3,944. At the close the Dow Jones Industrial Average was down 113 points, or 0.33%, to 33,518, the S&P 500 fell 3 points, or 0.08%, to 3,892 but the Nasdaq Composite jumped 66 points, or 0.63%, to 10,636.

The Dow Jones rose Tuesday on Fed Chair Jerome Powell's comments. Aerospace giant Boeing slid on a downgrade.

[ELF](https://research.investors.com/quote.aspx?symbol=ELF)) [RIO](https://research.investors.com/quote.aspx?symbol=RIO)) [SMCI](https://research.investors.com/quote.aspx?symbol=SMCI)) [CAT](https://research.investors.com/quote.aspx?symbol=CAT)) [CVX](https://research.investors.com/quote.aspx?symbol=CVX)) [WMT](https://research.investors.com/quote.aspx?symbol=WMT)) [Recent IBD Stock Of The Day](https://www.investors.com/research/ibd-stock-of-the-day/deere-stock-builds-a-new-base-on-expected-profit-growth/), Deere, is building a flat base with a 448.50 buy point. [CAT stock](https://research.investors.com/stock-checkup/nyse-caterpillar-cat.aspx) shows a strong 98 out of a perfect 99 [IBD Composite Rating](https://www.investors.com/how-to-invest/investors-corner/stocks-to-buy-and-watch-ibd-composite-rating-top-growth-stocks/), per the [IBD Stock Checkup.](https://research.investors.com/stock-checkup/) The Composite Rating is designed to help investors easily find top growth stocks. [IBD's The Big Picture column](https://www.investors.com/category/market-trend/the-big-picture/)amid the ongoing stock market weakness. [Recent IBD Stock Of The Day](https://www.investors.com/research/ibd-stock-of-the-day/rio-tinto-nears-buy-point-as-china-emerges-from-covid/) Rio Tinto rose 0.1% Monday, moving further above a cup with handle's 73.45 buy point. Caterpillar and Rio [were featured ](https://www.investors.com/stock-lists/stocks-near-a-buy-zone/dow-jones-leader-caterpillar-other-top-stocks-to-buy-and-watch-in-or-near-buy-zones/)in this week's recent Stocks Near A Buy Zone column. [IBD MarketSmith pattern recognition.](https://www.investors.com/product/marketsmith/?artProdLink=MarketSmith) The buy zone, which CAT shares have dodged in and out of since Dec. [Five Dow Jones Stocks To Buy And Watch Now](https://www.investors.com/research/dow-jones-stocks/) [RCL](https://research.investors.com/quote.aspx?symbol=RCL)) rose 1% after Morgan Stanley upgraded the cruise operator from underweight to equal weight. [Monday's The Big Picture column](https://www.investors.com/market-trend/the-big-picture/stock-market-fades-in-suspicious-action-four-trends-to-watch-in-new-uptrend/) commented, "If this stock market uptrend is for real, investing opportunities will appear for weeks or months. [JEF](https://research.investors.com/quote.aspx?symbol=JEF)) reported earnings that met estimates, and sales that topped forecasts. Albertsons ( [ACI](https://research.investors.com/quote.aspx?symbol=ACI)) climbed 1% after an earnings beat.

By Isabel Wang and Andrew Keshner. Traders eye inflation data on Thursday, big banks kicking off earnings Friday. U.S. stocks were edging up Tuesday ...

A monthly update of the U.S. Daly, echoing Powell lately, emphasized that instead what matters should be the "destination," or the terminal rate, of above 5%. "His choice might reflect this awareness the economy is changing rapidly," which makes it tough to nail down what's next for interest rates, said Adams. However, Powell didn't broach interest rate policy or the outlook for economy. "However, the reality is that markets will not treat pace and destination as uncorrelated: a slowdown to 25bp in February will serve to increase market perceptions that a pause is imminent, perhaps at a rate below 5%," wrote Hollenhorst in a Tuesday note. "Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy," Powell said in prepared remarks that emphasized the Fed is not "a climate-policy maker."

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Powell said that “price stability is the bedrock of a healthy economy.”\n\n“But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” Powell said. consumer-price index inflation data on Thursday, corporate earnings are increasingly coming into focus as the reporting season for the fourth quarter of 2022 gets underway. As December’s jobs report showed, the labor market is unsynchronized: companies and sectors benefiting from the stay-at-home pandemic era are slowing hiring or even shedding workers, but sustained hiring from beneficiaries of economic reopening is outpacing them,” Goodwin wrote. “This decline supports the idea that the economy is recession bound,” wrote Edward Moya, senior market analyst at OANDA.\n\nCoinbase Global (COIN) joined the growing list of companies trimming headcount — the cryptocurrency broker said Tuesday it was slashing more than 20% of its staff.\n\nLauren Goodwin, economist and portfolio strategist at New York Life Investments, offered her perspective on the wider layoffs trend. With valuations stopping their decline, improvements in corporate earnings should provide a cushion for markets in 2023 and maybe even engineer some gains,” McMillan added.\n\nOne sector of the economy is already struggling. Stocks ticked higher Tuesday ahead of a new inflation report and corporate earnings later this week.\n\nAt market close, the Dow Jones Industrial Average was up 188 points, or 0.6%.

12:17pm: Investors look ahead to inflation report on Thursday At midday, the Dow was down 13 points to 33504, the Nasdaq Composite was up...

“With the banks kicking off the season in earnest, there will inevitably be focus on any worsening of demand, particularly in the housing sector, alongside any increase in bad debts as the consumer comes under additional economic pressure.” “Those Consumer Inflation expectations yesterday fell short of expectations, hinting that the Fed might have a little more wiggle room than had previously been thought, so Fed Chair Powell’s speech shortly before the opening bell today will be under close scrutiny for any further clues over policy.” “But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.” "But the respite will be limited; after a quiet day tomorrow the old bugbear of US inflation comes in on Thursday, swiftly followed up by the official beginning of earnings season. Powell is scheduled to speak at a banking conference in Stockholm before US markets open. But perhaps there is hope here – current expectations point towards a decline in income for the reporting season, setting the bar comfortably low. The Federal Reserve Bank of New York's Center for Macroeconomic Data's Survey of Consumer Expectations also showed inflation expectations continue to decline in the short term and were unchanged over the medium term. Just after the market opened, the Dow Jones Industrial Average had added 67 points or 0.2% at 33,584 points, the S&P 500 was up 11 points or 0.3% at 3,903 points, and the Nasdaq Composite had gained 49 points or 0.5% at 10,685 points. “Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time,” he said. At midday, the Dow was down 13 points to 33,504, the Nasdaq Composite was up 30 points, 0.3%, to 10,666 and the S&P 500 declined 7 points, 0.2%, to 3,899. Powell focused on the importance of central bank independence when making unpopular decisions and that it should “focus on our knitting” steering clear of influencing policy in certain areas. At the close the Dow Jones Industrial Average was up 186 points, or 0.56%, to 33,704, the S&P 500 rose 27 points, or 0.7%, to 3,919 and the Nasdaq Composite advanced 107 points, or 1.01%, to 10,743.

By Oliver Gray. Investing.com - U.S. stock futures were trading in a tight range during Tuesday's evening trade, after major benchmark averages finished ...

U.S. stocks on Tuesday struggled for direction in choppy trading, as market participants parsed remarks made by Fed chair Jerome Powell.

[turned pessimistic](https://seekingalpha.com/news/3923308-ubs-we-now-expect-a-hard-landing) on the prospect of a soft landing for the economy and that it now expects a hard landing. Equity investors are looking for profitable companies as dark inflationary and recessionary clouds have covered blue-sky investments that yield only the promise of future growth and earnings," Hecht added. [COMP.IND](https://seekingalpha.com/symbol/COMP.IND)) ended 1.01% higher at 10,742.63 points. "Meanwhile, early 2023 rallies in gold, crude oil, copper, and other metals are signs that supply-side inflation remains a clear and present danger caused by geopolitical factors beyond the U.S. could enter a "Goldilocks mild recession" and that the Fed many not pivot on its interest rate increases. [ILMN](https://seekingalpha.com/symbol/ILMN)) was among the top percentage losers on the S&P 500 ( [SP500](https://seekingalpha.com/symbol/SP500)) after [issuing disappointing guidance](https://seekingalpha.com/news/3923246-ilmn-stock-drops-as-2023-guidance-disappoints). [US10Y](https://seekingalpha.com/symbol/US10Y)) rose 10 basis points to close at 3.62% and the 2-year yield ( [US2Y](https://seekingalpha.com/symbol/US2Y)) rose 5 basis points to close at 4.25%. But the next step absent an effective pushback from the Fed is for the curve to price out any subsequent hikes, or even to price no more hike in this cycle. Markets don’t need much encouragement to see the dovish side of everything," ING added. economy or the path of the Fed's rate hikes. Recent data have, on balance, made his job even more difficult." Consumer Staples was the only loser.

Stocks put in a reversal mid-day in yesterday session but were able to grasp on to key supports today. The next major driver is CPI on Thursday.

[S&P 500](https://www.dailyfx.com/sp-500), [Nasdaq](https://www.dailyfx.com/nas-100)and [Dow](https://www.dailyfx.com/dow-jones). [ascending triangle formation](https://www.dailyfx.com/education/technical-analysis-chart-patterns/ascending-triangle.html) last week. [ Recommended by James StanleyGet Your Free Equities Forecast](https://www.dailyfx.com/free-trading-guides#forecastschoices=EQUITIES) [trendline](https://www.dailyfx.com/education/pitchforks-and-slopes/trendline-analysis.html) projection was on December 20th (marked by the red box on the below chart), and after that, prices continued to hold higher-lows along a bullish trendline. This is a Fibonacci level that had quite an impact as both support and resistance last year. I’m tracking range resistance around 11,404 and there’s another major level a bit-higher that could be interesting for bears if it comes into play, around 11,700. The tech-heavy index has been the laggard amongst American equity indices and that remains true today. If sellers can push through that, particularly if we haven’t yet tested through the 3973 high, and the door will begin to open to a series of lower-lows and lower-highs. Yesterday saw prices pullback and today showed a [support response at that prior spot of resistance](https://www.dailyfx.com/education/price-action/a-price-action-tell.html). The next spot of short-term resistance is 3947, after which yesterday’s high at 3973 comes into the picture. There was one flicker above that line last year, and it was in December around a CPI release. To learn more about price action or chart patterns, check out our [DailyFX Education](https://www.dailyfx.com/education)section.