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By Elizabeth Howcroft and Alun John

SINGAPORE/LONDON (Reuters) -Bitcoin held near 21-month highs on Thursday after U.S. regulators approved a spot bitcoin exchange traded fund (ETF), while the second-biggest cryptocurrency ether gained on hopes that ETFs tracking it could be the next to win approval.

The Securities and Exchange Commission (SEC) said on Wednesday it approved 11 applications for spot bitcoin ETFs including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck.

Most of the ETFs are expected to begin trading on Thursday, and the iShares bitcoin ETF drew strong demand in premarket trading, with volumes surpassing even those of Apple, the world’s most valuable company.

Bitcoin was last trading around $47,133 up 2.6% on the day, heading back towards Tuesday’s 21-month high just below $48,000, which was hit in anticipation of the approval.

It more than doubled in price last year, partially recovering after a turbulent 2022 for the crypto industry when several major companies collapsed, most notably trading venue FTX.

Meanwhile ether, the token that underpins the Ethereum blockchain network, rose 5% to $2,653.8, its highest since May 2022.

“The market’s now quickly moving on to ETH, saying if bitcoin is done, then it’s now very highly likely that the ETH one will get done as well,” said Geoff Kendrick, head of digital asset research at Standard Chartered.

Several firms have filed applications for spot Ethereum ETFs, including BlackRock in November 2023.

Industry participants say U.S.-listed spot crypto ETFs drive greater demand for the underlying digital tokens.

Retail and institutional investors “no longer need to rely on futures trading or self custody to have exposure to bitcoin, and can use a traditional brokerage account,” said Nick Ruck, COO of ContentFi Labs, a blockchain firm focused on IP licensing.

MORE BITCOIN BUYING?

Spot bitcoin ETFs were already available in other markets including in Canada and Europe. JPMorgan analysts said last year that those products had failed to attract large investor interest and that they did not expect the U.S. product to be a gamechanger for crypto.

Marion Laboure, senior strategist at Deutsche Bank Research, said that a spot bitcoin ETF “simply provides standardised access to the digital asset as an investment, without altering bitcoin’s core proposition.”

“Only time will tell if greater adoption will lead to more transformational outcomes for the crypto ecosystem and financial system. For now, the ETF approval opens a new chapter for bitcoin prices, though volatile conditions are likely to persist,” she added.

UBS analysts said in a note on Wednesday that they remain “unconvinced of the structural case for the industry” and that they hadn’t seen a meaningful increase in inquiries about crypto in recent months.

There are also concerns that more traditional institutional money invested in crypto would leave mainstream finance vulnerable to future crypto collapses.

The head of the International Monetary Fund said in December that high adoption of crypto assets could undermine macro-financial stability.

(Reporting by Elizabeth Howcroft in London, Rae Wee in Singapore, and Jason Xue in Shanghai; writing by Alun John ; Editing by Jacqueline Wong and Jane Merriman, Kirsten Donovan)

BERLIN (Reuters) -Mercedes-Benz’s fourth-quarter sales took a hit from supply constraints and model changeovers, but full-year car deliveries were in line with its forecast at 2 million, the carmaker said on Thursday, as it prioritises boosting margins over volume sales.

The premium carmaker’s group sales rose 1.5% to just under 2.5 million, but fourth-quarter sales were down 3% for the Group and 4% in the cars division as a shortage in 48-volt battery systems and a model changeover for its E-Class limited output.

Mercedes-Benz battery-electric passenger car sales rose 73% over the year to 222,600, it said on Thursday, but battery-electric sales of its smart fortwo and smart forfour models fell 12%.

The luxury carmaker warned over the course of the year of supply snags and inflation weighing on sales, with price wars particularly in the electric vehicle segment placing pressure on margins.

Still, it has said it expects to hit the lower end of its 12-14% forecasted adjusted returns margin when it reports full-year financial results on Feb 22.

Rival carmaker BMW, which hit record sales of over 2.5 million cars this year, set expectations lower with an earnings margin forecast of 9-10.5% but has said it expects to hit the higher end of that range.

(Reporting by Victoria WalderseeEditing by Miranda Murray)

(Reuters) – U.S. stock index futures edged higher on Thursday ahead of a consumer inflation print that could test hopes of an early start to interest-rate cuts, while crypto stocks rose after regulatory approval for exchange-traded funds tracking Bitcoin.

The benchmark S&P 500 has recovered nearly 17% from its October lows, gaining steam in December after the Federal Reserve hinted it was reining in inflation and rate cuts were “coming into view”.

The index is now a hair’s breadth away from its record closing high of 4796.56, hit in early January 2022.

Market attention is focused on the December Consumer Price Index (CPI) report, due at 8:30 a.m. ET, which could help traders assess the timing of the Fed’s monetary policy easing.

While consumer prices have edged lower in the face of the central bank’s fastest tightening spree in years, economists polled by Reuters expect headline CPI to tick up to 3.2% in December – well above the Fed’s 2% target.

Prices excluding volatile items like food and energy in December are forecast to remain unchanged at 0.3% from the previous month, while year-on-year inflation is expected to slow to 3.8% from November’s 4%.

“Data in line, or ideally softer than expected, will keep the Fed doves in charge of the market,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

“The ongoing tensions in the Red Sea region and the rising cost of moving goods will remain in the back of our minds… but disinflation remains the base case scenario for 2024 due to weakening demand.”

Money markets see a 68.8% chance the central bank will deliver its first rate cut of at least 25 basis points (bps) in March and a 95.6% probability of another reduction in May, despite recent pushback from policymakers.

A separate report at 8:30 a.m. ET is expected to show that the number of Americans filing for unemployment benefits rose to 210,000 in the week ending Jan. 6, from 202,000 a week ago.

Crypto stocks like Coinbase Bitfarms and Riot Platforms advanced between 4.5% and 7.0% in premarket trading after the U.S. securities regulator approved the first U.S.-listed exchange-traded funds (ETFs) to track Bitcoin.

At 5:40 a.m. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis were up 4.75 points, or 0.1%, and Nasdaq 100 e-minis were up 54 points, or 0.32%.

Citigroup declined 1.2% after a filing showed the lender booked about $3.8 billion in combined charges and reserves that will erode its fourth-quarter earnings, to be reported on Friday.

Other banks like JPMorgan Chase, Bank of America and Wells Fargo are also set to report on Friday.

Boeing inched up 0.4% as carriers continue to wait for regulatory approvals to resume flying its 737 MAX 9 planes after a cabin panel blowout that the airline said was caused by a “quality” issue.

During the session, investors will also parse remarks by Richmond Fed President Thomas Barkin, a voting member this year.

(This story has been refiled to correct a typo in paragraph 3)

(Reporting by Johann M Cherian in Bengaluru; Additional reporting by Amruta Khandekar; Editing by Pooja Desai)

BERLIN (Reuters) -Global trade declined by 1.3% from November to December 2023 as militant attacks on merchant vessels in the Red Sea led to a plunge in the volumes of cargo transported in that key region, a German economic institute said on Thursday.

Currently around 200,000 containers are being transported via the Red Sea daily, down from some 500,000 per day in November, the IfW Kiel institute said.

Diversions in response to the attacks have led to journeys between Asian production centres and European consumers taking up to 20 days longer, said Julian Hinz, director of the IfW Kiel’s trade policy research centre.

“This is also reflected in the declining trade figures for Germany and the EU, as transported goods are now still at sea and have not already been unloaded in the harbours as planned,” Hinz said in a statement.

Shipping giants such as Maersk and Hapag-Lloyd have been sending their vessels on longer, more expensive journeys around South Africa’s Cape of Good Hope.

Iranian-backed Houthi militants in Yemen have stepped up attacks on vessels in the Gulf region in recent months to show their support for Palestinian Islamist group Hamas fighting Israel in Gaza.

By region, the IfW Kiel’s trade indicator for December showed exports from and imports to the European union down by 2% and 3.1%, respectively. The United States saw a 1.5% drop in exports and a 1% drop in imports, although the Red Sea trade route is less crucial for that country.

China’s trade bucked the trend, with exports up 1.3% and imports up 3.1%. The institute said this was likely down to the upcoming Chinese New Year.

(Reporting by René WagnerWriting by Rachel MoreEditing by Mark Potter)

By Jack Queen

(Reuters) – Donald Trump’s civil fraud trial in New York is set to conclude with closing arguments on Thursday, as the state’s attorney general seeks nearly $370 million in penalties from the former U.S. president for overstating his net worth to banks.

Here are key moments from the trial against the frontrunner for the 2024 Republican presidential nomination.

TRUMP TESTIFIES

Trump took the witness stand twice, denying the allegations in rambling and defiant testimony that often strayed into inflammatory personal attacks against New York Attorney General Letitia James, an elected Democrat.

Trump, the frontrunner for the 2024 Republican presidential nomination, said any discrepancies on his financial statements would have been irrelevant to lenders who were eager to do business with him and profited from their deals.

He also raised his voice and called the judge presiding over the trial to his right a “fraud.” Later, Trump tried to read from a piece of paper he pulled from his pocket and said it would exonerate him.

“I’m shocked,” Trump said sarcastically when Justice Arthur Engoron shut him down.

While facing questions about his net worth and the value of his assets, Trump tested Engoron’s patience by rambling about his wealth, the beauty of his properties and his grievances with the justice system.

“Can you control your client?” Engoron asked Trump’s lawyer. “This is not a political rally. This is a courtroom.”

JUDGE GAGS TRUMP

On just the second day of trial, Engoron rebuked Trump and issued a gag order barring him from speaking publicly about court staff after he posted a picture of Engoron’s top clerk on social media and accused her of political bias.

Engoron later said in an order that the post left the court “inundated with hundreds of harassing and threatening phone calls, voicemails, emails, letters, and packages.”

Engoron twice fined Trump for violating the order, for a total of $15,000. He also expanded the order to cover Trump’s attorneys after they repeatedly complained about what they said was the clerk’s disrespectful demeanor while seated next to Engoron.

TRUMP FACES FORMER RIGHT-HAND-MAN

Testimony by Michael Cohen offered a tense reunion between Trump and his one-time lawyer and fixer, who had not seen each other in person for five years since their acrimonious break.

Cohen testified that his former boss directed him to fabricate property valuations to reverse-engineer his desired net worth.

“He would say, ‘I’m actually not worth $4.5 billion, I’m really worth more like 6 (billion),” Cohen said, adding that Trump arrived at the valuations of his assets “arbitrarily.”

Trump’s lawyers went on the offensive during cross-examination, accusing Cohen of making up lies about Trump to sell books and drive traffic to his podcast.

They also called him a “serial liar,” hammering him on the details of his 2018 guilty pleas to a raft of felony charges including tax fraud and lying to Congress.

TRUMP’S CHILDREN TESTIFY

Trump’s three adult children also testified about their roles in the family real estate business.

Donald Jr., Eric and Ivanka Trump all sought to distance themselves from their father’s financial statements, saying they had little to no involvement in preparing them while running the Trump Organization, the umbrella company for their father’s many business interests.

Donald Jr.’s genial, sometimes self-deprecating testimony stood in contrast to the aggressive persona he assumes in political appearances. “Make me look sexy,” he told the courtroom sketch artist as he left the witness stand.

Eric struck a more defiant tone and often grew frustrated as the state’s lawyers questioned him about meetings and calls that seemed to show he was not being forthcoming about his role in his father’s financial statements.

Ivanka, who unlike her brothers is not a defendant in the case, was courteous but frustrated a lawyer for the state, who said she seemed to selectively remember the majestic flourishes of her father’s properties but not basic details about their financing.

(Reporting by Jack Queen; Editing by Richard Chang)

SINGAPORE/LONDON (Reuters) -Bitcoin held steady on Thursday around its highest level since March 2022 after U.S. regulators approved the first U.S.-listed exchange traded funds (ETFs) to track the cryptocurrency, in a landmark move that could broaden its appeal to investors.

The Securities and Exchange Commission (SEC) said on Wednesday it approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck.

Three of the ETFs, including BlackRock’s, were trading by 0930 GMT Thursday, with more expected to begin later in the day

Bitcoin was last trading around $46,250 up 0.6% on the day and holding on to gains it made this week in anticipation of the approval.

The world’s largest cryptocurrency has risen nearly 9% so far this year and hit $47,915 on Tuesday, its highest since March 2022.

It more than doubled in price last year, something of a recovery after a turbulent 2022 for the crypto industry when several major companies collapsed, most notably trading venue FTX.

“At its core, a spot Bitcoin ETF simply provides standardised access to the digital asset as an investment, without altering Bitcoin’s core proposition,” said Marion Laboure, senior strategist at Deutsche Bank Research.

“Only time will tell if greater adoption will lead to more transformational outcomes for the crypto ecosystem and financial system. For now, the ETF approval opens a new chapter for bitcoin prices, though volatile conditions are likely to persist.”

Spot bitcoin ETFs were already available in other markets including in Canada and Europe, but have failed to attract large investor interest.

Industry participants though were optimistic that the new U.S.-listed products would drive greater demand for bitcoin.

Retail and institutional investors “no longer need to rely on futures trading or self custody to have exposure to Bitcoin, and can use a traditional brokerage account,” said Nick Ruck, COO of ContentFi Labs, a blockchain firm focused on IP licensing.

Bitcoin’s supply is fixed so if the ETFs need more to meet demand then they will have to buy in the market, he said.

The industry’s focus is now turning to the second largest cryptocurrency, ether which underpins the ethereum blockchain network.

BlackRock filed for a spot ethereum ETF in November 2023.

Ether’s price rose as much as 4.4% on Thursday to $2,638 its highest since May 2022.

“Now that we’ve had confirmation of what was obviously already a highly-anticipated bitcoin announcement yesterday, the market’s now quickly moving on to ETH, saying well if bitcoin is done, then it’s now very highly likely that the ETH one will get done as well,” said Geoff Kendrick, head of digital asset research at Standard Chartered.

(Reporting by Elizabeth Howcroft in London, Rae Wee in Singapore, and Jason Xue in Shanghai; writing by Alun John ; Editing by Jacqueline Wong and Jane Merriman)

By Chuck Mikolajczak

NEW YORK (Reuters) -U.S. stocks closed higher on Wednesday as megacaps rallied, but gains were limited ahead of inflation reports and major bank earnings later in the week.

Microsoft, Meta Platforms and Nvidia were the biggest boosts to the S&P 500 index, as the benchmark 10-year Treasury note yield held near 4%and a $37 billion auction of the notes drew above-average demand.

Communication services was the best performing of the 11 major S&P sectors, lifted by a 3.65% rise in Meta Platforms’ stock, which hit its highest intraday level since September 2021, after Mizuho raised its price target to $470 from $400.

Nvidia hit a record high and closed up 2.28% after fellow chipmaker TSMC beat fourth-quarter revenue expectations.

After ending 2023 with a strong rally, stocks have struggled to find upward momentum, with the S&P 500 barely positive on the year, as mixed economic data and comments from Federal Reserve officials have led investors to dial back expectations for the timing and size of any rate cuts from the central bank this year. But Wednesday’s gains left the index just 0.27% away from its record close of 4,796.56 set on Jan. 3, 2022.

“What the market is doing, it’s reassessing its 2024 expectations in terms of earnings and in terms of interest rates, and really looking to justify the surge in prices that we saw in November and December,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“It’s sort of a good sign that the market is treading water early in the year because it implies that investors really don’t want to miss out on anything else that could be good.”

The Dow Jones Industrial Average rose 170.57 points, or 0.45%, to 37,695.73. The S&P 500 gained 26.95 points, or 0.57 %, at 4,783.45 and the Nasdaq Composite advanced 111.94 points, or 0.75 %, to 14,969.65.

The focus will turn to the December consumer and producer inflation reports, due on Thursday and Friday, respectively, which could help determine the monetary policy path for the central bank.

Federal Reserve Bank of New York President John Williams said on Wednesday it is still too soon to call for rate cuts as the central bank still has some distance to go on getting inflation back to its 2% target.

Market participants have scaled back expectations to a 67.6% chance for at least a 25-basis-point rate cut in March, according to CME’s FedWatch Tool.

On Friday, banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are expected to report lower fourth-quarter profits.

Crypto stocks were mostly lower, with Coinbase, down 0.46% and Riot Platforms off 1.21%, after the U.S. securities regulator said a hacked social media message was posted on its account regarding the eagerly awaited approval of exchange traded funds (ETFs).

The stocks barely reacted to a CBOE notice that several spot bitcoin ETFs from multiple asset managers were approved.

Boeing rose 0.92% following a 9.3% tumble in the prior two sessions, after CEO Dave Calhoun acknowledged errors by the U.S. planemaker as more than 170 jets remained grounded for a fourth day.

DocGo plunged 37.58% after Fuzzy Panda Research revealed a short position on the health services company’s stock.

Advancing issues outnumbered decliners by a 1.4-to-1 ratio on the NYSE while advancers equaled decliners on a 1-to-1 ratio on the Nasdaq.

The S&P index recorded 31 new 52-week highs and one new low, while the Nasdaq recorded 108 new highs and 97 new lows.

Volume on U.S. exchanges was 9.81 billion shares, compared with the 12.22 billion average for the full session over the last 20 trading days.

(Reporting by Chuck Mikolajczak; Editing by Richard Chang)

By Chuck Mikolajczak

NEW YORK (Reuters) -U.S. stocks closed higher on Wednesday as megacaps rallied, but gains were limited ahead of inflation reports and major bank earnings later in the week.

Microsoft, Meta Platforms and Nvidia were the biggest boosts to the S&P 500 index, as the benchmark 10-year Treasury note yield held near 4%and a $37 billion auction of the notes drew above-average demand.

Communication services was the best performing of the 11 major S&P sectors, lifted by a 3.65% rise in Meta Platforms’ stock, which hit its highest intraday level since September 2021, after Mizuho raised its price target to $470 from $400.

Nvidia hit a record high and closed up 2.28% after fellow chipmaker TSMC beat fourth-quarter revenue expectations.

After ending 2023 with a strong rally, stocks have struggled to find upward momentum, with the S&P 500 barely positive on the year, as mixed economic data and comments from Federal Reserve officials have led investors to dial back expectations for the timing and size of any rate cuts from the central bank this year. But Wednesday’s gains left the index just 0.27% away from its record close of 4,796.56 set on Jan. 3, 2022.

“What the market is doing, it’s reassessing its 2024 expectations in terms of earnings and in terms of interest rates, and really looking to justify the surge in prices that we saw in November and December,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“It’s sort of a good sign that the market is treading water early in the year because it implies that investors really don’t want to miss out on anything else that could be good.”

The Dow Jones Industrial Average rose 170.57 points, or 0.45%, to 37,695.73. The S&P 500 gained 26.95 points, or 0.57 %, at 4,783.45 and the Nasdaq Composite advanced 111.94 points, or 0.75 %, to 14,969.65.

The focus will turn to the December consumer and producer inflation reports, due on Thursday and Friday, respectively, which could help determine the monetary policy path for the central bank.

Federal Reserve Bank of New York President John Williams said on Wednesday it is still too soon to call for rate cuts as the central bank still has some distance to go on getting inflation back to its 2% target.

Market participants have scaled back expectations to a 67.6% chance for at least a 25-basis-point rate cut in March, according to CME’s FedWatch Tool.

On Friday, banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are expected to report lower fourth-quarter profits.

Crypto stocks were mostly lower, with Coinbase, down 0.46% and Riot Platforms off 1.21%, after the U.S. securities regulator said a hacked social media message was posted on its account regarding the eagerly awaited approval of exchange traded funds (ETFs).

The stocks barely reacted to a CBOE notice that several spot bitcoin ETFs from multiple asset managers were approved.

Boeing rose 0.92% following a 9.3% tumble in the prior two sessions, after CEO Dave Calhoun acknowledged errors by the U.S. planemaker as more than 170 jets remained grounded for a fourth day.

DocGo plunged 37.58% after Fuzzy Panda Research revealed a short position on the health services company’s stock.

Advancing issues outnumbered decliners by a 1.4-to-1 ratio on the NYSE while advancers equaled decliners on a 1-to-1 ratio on the Nasdaq.

The S&P index recorded 31 new 52-week highs and one new low, while the Nasdaq recorded 108 new highs and 97 new lows.

Volume on U.S. exchanges was 9.81 billion shares, compared with the 12.22 billion average for the full session over the last 20 trading days.

(Reporting by Chuck Mikolajczak; Editing by Richard Chang)

By Chuck Mikolajczak

NEW YORK (Reuters) – U.S. stocks rose on Wednesday, building steam on strength in megacaps, but gains were limited ahead of inflation reports and major bank earnings later in the week.

Microsoft, Meta Platforms and Nvidia were the biggest boosts to the S&P 500 index, as the benchmark 10-year Treasury note yield held near 4% and a $37 billion auction of the notes drew above-average demand.

Communication services was the best performing of the 11 major S&P sectors, lifted by a roughly 4% rise in Meta Platforms’ stock to the highest level since September 2021, after Mizuho raised its price target to $470 from $400.

Nvidia gained 2.1% to hit a record high after fellow chipmaker TSMC , beat fourth-quarter revenue expectations.

After closing out 2023 with a strong rally, stocks have struggled to find upward momentum as mixed economic data and comments from Federal Reserve officials have led investors to dial back expectations for the timing and size of any rate cuts from the central bank this year.

“What the market is doing, it’s reassessing its 2024 expectations in terms of earnings and in terms of interest rates, and really looking to justify the surge in prices that we saw in November and December,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“It’s sort of a good sign that the market is treading water early in the year because it implies that investors really don’t want to miss out on anything else that could be good.”

The Dow Jones Industrial Average rose 154.92 points, or 0.41% , to 37,680.08; the S&P 500 gained 25.50 points, or 0.54 %, at 4,782.05 and the Nasdaq Composite gained 111.21 points, or 0.75 %, at 14,968.92.

The focus will turn to the December consumer and producer inflation reports, due on Thursday and Friday, respectively, which could help determine the monetary policy path for the central bank.

Investors will also closely monitor comments by New York Fed President John Williams, who is scheduled to speak later in the day.

Market participants have scaled back expectations to a 67.6% chance for at least a 25-basis-point rate cut in March, according to CME’s FedWatch Tool.

On Friday, banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are expected to report lower fourth-quarter profits.

Crypto stocks including Coinbase, Bitfarms and Riot Platforms each shed over 2.1%, as bitcoin prices dipped after the U.S. securities regulator said a hacked social media message was posted on its account regarding the eagerly awaited approval of exchange traded funds (ETFs).

The stocks barely reacted to a notice from CBOE that several spot bitcoin ETFs from multiple asset managers were approved.

Boeing rose 1.5% following a 9.3% tumble in the prior two sessions, after CEO Dave Calhoun acknowledged errors by the U.S. planemaker as more than 170 jets remained grounded for a fourth day.

DocGo plunged nearly 40% after Fuzzy Panda Research revealed a short position on the health services company’s stock.

Advancing issues outnumbered decliners by a 1.4-to-1 ratio on the NYSE while decliners outnumbered advancers by a 1.1-to-1 ratio on the Nasdaq.

The S&P index recorded 30 new 52-week highs and no new lows, while the Nasdaq recorded 94 new highs and 89 new lows.

(Reporting by Chuck Mikolajczak; Editing by Richard Chang)

By Johann M Cherian and Ankika Biswas

(Reuters) – Wall Street’s main indexes climbed in choppy trading on Wednesday, underpinned by strength in some megacaps, while caution ahead of inflation reports and big bank earnings later in the week kept investor sentiment in check.

Microsoft, Alphabet and Amazon.com rose between 0.4% and 1.4%, as yield on the benchmark 10-year note inched lower ahead of a highly anticipated government bond auction. [US/]

Megacap stock Nvidia also gained 2.1% to hit a record high after TSMC, the world’s largest contract chipmaker, beat fourth-quarter revenue expectations.

Communication services stocks led sectoral gains by 0.7%, steered by a 3.1% advance in Meta Platforms to over a two-year high.

Gains in equities have remained limited since the turn of the year as expectations of early rate cuts, which had driven much of the rally towards the end of 2023, scaled down following contrasting economic data and mixed signals from Federal Reserve officials.

All eyes are now on the December consumer and producer inflation reports, due on Thursday and Friday, respectively, which could help determine the monetary policy trajectory for the central bank.

Investors will also closely monitor comments by New York Fed President John Williams, who is scheduled to speak later in the day.

Skyler Weinand, chief investment officer, Regan Capital believes any strong surprise on the inflation front may cause bond and equities to sell off.

Market participants have scaled back expectations for at least a 25-basis-point rate cut in March, and currently see a near 67% chance, down from around 86% in the final week of 2023, as per the CME FedWatch Tool.

On Friday, banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are expected to report lower fourth-quarter profits.

“Banks are going to be in a very large hole for at least the next two years, unless yields drop tremendously,” Weinand added.

The lenders slipped between 0.8% and 1.0% on Wednesday, pushing the S&P 500 bank index to a one-week low.

At 11:36 a.m. ET, the Dow Jones Industrial Average was up 32.42 points, or 0.09%, at 37,557.58, the S&P 500 was up 6.87 points, or 0.14%, at 4,763.37, and the Nasdaq Composite was up 39.59 points, or 0.27%, at 14,897.30.

Crypto stocks including Coinbase, Bitfarms and Riot Platforms shed over 2.1% each, as Bitcoin prices dipped after the U.S. securities regulator said a fake social media message was posted on its account regarding the eagerly awaited approval of exchange traded funds.

Boeing rose 1.3%, recovering from a 9.3% tumble in the last two sessions. CEO Dave Calhoun acknowledged errors by the U.S. planemaker as more than 170 jets remained grounded for a fourth day.

DocGo dropped 34.1% after Fuzzy Panda Research revealed short position on the health services company’s stock.

Advancing issues outnumbered decliners by a 1.07-to-1 ratio on the NYSE and for a 1.39-to-1 ratio on the Nasdaq.

The S&P index recorded 23 new 52-week highs and no new lows, while the Nasdaq recorded 52 new highs and 68 new lows.

(Reporting by Johann M Cherian and Ankika Biswas in Bengaluru; Editing by Shinjini Ganguli)