Stock market news today: Tech leads stocks higher ahead of key inflation print | January 10, 2024

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U.S. stocks closed higher on Wednesday, with tech leading the way as investors awaited fresh inflation data and absorbed a dramatic turn of events in spot bitcoin ETFs.

The Dow Jones Industrial Average (^DJI) closed 170 points higher, while the benchmark S&P 500 (^GSPC) rose 0.6%, again edging closer toward its all-time high.

The Nasdaq Composite (^IXIC) moved 0.7% higher as semiconductor maker Nvidia (NVDA) hit another record high on Wednesday. Tech giants Meta (META) and Alphabet (GOOGL, GOOG) touched 52-week highs during the session.

Stock investors are awaiting Thursday's US consumer inflation reading for December, watching for signs of further cooling that could prompt the Federal Reserve to pivot on policy. Recent days have seen worries rise that the market is pricing in too many interest rate cuts in 2024, as once-rampant confidence for an early cut fades.

Meanwhile, bitcoin (BTC-USD) wavered but held above $45,000 after a tweet from the Securities and Exchange Commission's X account sparked swings in the leading cryptocurrency on Tuesday. The regulator blamed a hack for the false post announcing it had approved spot bitcoin ETFs.

A spokesperson from the SEC on Wednesday said the agency "is coordinating with appropriate law enforcement entities, including the SEC's Office of the Inspector General and the FBI" on its investigation of the fake post.

The decision on whether the likes of BlackRock and Ark Invest can start offering the funds was expected by most to come down later on Wednesday.

Also in focus is the coming start of the fourth quarter earnings cycle, led Friday by Wall Street banking heavyweights such as JPMorgan Chase (JPM). The season will be critical for stocks, after their rough start to 2024.

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