TLDR
- Markets showed mixed performance with S&P 500 up 0.2% and Dow up 0.3%
- Federal Reserve minutes revealed ongoing inflation concerns
- Bitcoin price declined 3%, staying below $100,000
- Stock markets will close on January 9 for Jimmy Carter national day of mourning
- Bond markets will operate reduced hours, closing at 2 p.m. ET on January 9
The S&P 500 recorded a modest increase of 0.2% in recent trading, while the Dow Jones Industrial Average moved up by 0.3%. The tech-focused Nasdaq showed a slight decline of 0.1%, indicating varied market responses across different sectors.
In the cryptocurrency space, Bitcoin experienced downward pressure, dropping approximately 3% and maintaining a position below the $100,000 mark, reflecting ongoing volatility in digital assets.
The Federal Reserve’s December meeting minutes have emerged as a focal point for market participants. The documents highlighted persistent concerns about inflation, with the term “uncertainty” appearing nine times throughout the text, underlining the complex economic environment facing policymakers.
Recent data has shown inflation increases over two consecutive months, prompting careful attention from market observers. The Fed’s minutes specifically mentioned “recent elevated inflation readings” and noted a “high degree of uncertainty” in emerging economic indicators.
Labor market dynamics are showing signs of adjustment, according to the latest ADP private-sector jobs report. December figures indicated a deceleration in both job creation and wage growth compared to previous months.
Charlie Ripley, senior investment strategist at Allianz Investment Management, told Reuters,
“Inflation is the wild card in 2025. There are lots of things that potentially have the risk to shift inflation back upward.”
Market Closure
Trading activities will pause on January 9, 2025, as markets observe a national day of mourning for former President Jimmy Carter. The New York Stock Exchange has confirmed a full closure for the day.
The Nasdaq will also suspend all U.S. equities and options trading on January 9, aligning with the national observance. Bond markets will maintain operations but on a shortened schedule, with trading concluding at 2 p.m. ET.
President Biden’s declaration of the national day of mourning includes a call for Americans to gather in their places of worship to honor Carter’s memory. The presidential proclamation extends an invitation to people worldwide to join in the observance.
The day of mourning brings with it traditional protocols, including the display of flags at half-staff at the White House, public buildings, military installations, and naval vessels for a 30-day period following Carter’s death.
This market closure follows historical precedent, similar to previous national days of mourning for former Presidents George H. W. Bush in 2018 and Gerald Ford in 2006, when federal offices and stock markets suspended operations.
The temporary market closure comes as traders continue to monitor economic indicators and Federal Reserve communications for guidance on monetary policy directions and inflation trends.
Recent market performance suggests traders are maintaining cautious positioning amid mixed economic signals and upcoming commemorative events.
The latest trading data shows market participants balancing multiple factors, from employment figures to inflation readings, while preparing for the January 9 closure.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
