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Index Update

US stocks rose Thursday, with the Dow up 0.38%, the S&P 500 gaining 0.53%, and the Nasdaq adding 0.25%. Despite volatility from AI concerns, all three major indexes are set to end the month higher. The Dow is up 5.5%, the S&P 500 3.2%, and the Nasdaq 1.9%. Investors await more earnings and key inflation data on Friday.

Market Movers

On Thursday, the top gainers were Tectonic Therapeutic, Inc (+92.46%), followed by Alpha Modus Holdings, Inc. (+77.27%). On the contrary, CARGO Therapeutics, Inc (-76.27%) and  Silexion Therapeutics Corp (-29.30%) declined the most the same day.

Commodities Update

WTI crude oil futures rose toward $73 per barrel, extending gains as traders awaited clarity on President Trump's 25% tariffs on Canada and Mexico, with uncertainty over oil exemptions. Investors also anticipate the OPEC+ meeting on February 3, where the group is expected to maintain supply policy despite Trump's pressure for lower prices. Oil is set for a second monthly gain, driven by US sanctions on Russia and cold weather.

Macro Update

The US 10-year Treasury yield rose above 4.54% on Friday, rebounding ahead of the PCE inflation report. The Fed kept rates steady Wednesday, citing economic strength. Q4 GDP grew 2.3%, below the 2.6% forecast but driven by strong consumer spending. Meanwhile, Trump reaffirmed 25% tariffs on Mexico and Canada starting Saturday, with a 10% tariff on China still under review. Markets await further updates.

Futures Update

US stock futures rose Friday, driven by a 3% after-hours jump in Apple after strong earnings. Apple reported a 4% revenue increase despite weak iPhone sales. Intel and KLA also gained 4% and 3% on strong results.

Bitcoin traded at $104,360 on January 31, down 0.62% from the previous session. It fell 10.4% over the past four weeks but remains up 142.11% over the last year.

 

On Thursday, the stock market experienced significant volatility, with major indices fluctuating wildly throughout the trading day. Despite this uncertainty, the markets ultimately closed in positive territory. The Dow Jones saw a gain of 168.61 points, or 0.4 percent, closing at 44,882.13, just shy of its all-time record high set in December. Similarly, the S&P 500 and Nasdaq Composite rose 31.86 points and 49.43 points, respectively, closing at 6,071.18 and 19,681.75. The Relative Strength Index (RSI) remains positive, indicating a favorable market outlook. Analysts are now closely monitoring key price levels, with $6,166 being considered a potential resistance point and $5,990 offering support.

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