Stock prices (^DJI, ^IXIC, ^GSPC) took a turn for the worse, falling on the first business day of 2024 following the rising highs of 2023.
Emily Rowland, co-chief investment strategist at John Hancock Investment Management, attributed the early market conditions to expectations of a rate cut from the Federal Reserve, calling it “Dry January.”
“We want to see that the inflation rate continues to rise and of course the bottom line. Last year it was incredible just to see that the bottom line was not that important. Macroeconomic data It wasn’t even very helpful,” Rowland told Yahoo Finance. Notable data points, including Friday’s employment data.
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Editor’s note: This article was written by luke carberry morgan.