By 2024, Is The Stock Market Still 'On Track' To Achieve Weekly Profits?

<p>&nbsp;US stock index futures traded mixed on Thursday. It was a flat trade on the penultimate day of trading for 2023. Even so, the benchmark S&amp;P 500 index is hovering around its all-time highs on expectations of interest rate cuts as early as next year.</p><p><br /></p><p>Gains in mega-stocks in the pre-market stage sent Nasdaq stock futures higher, while those related to the S&amp;P 500 remained lower.</p><p><br /></p><p>Wall Street managed to post some gains on Wednesday as all three indexes vacillated between moderate gains and losses throughout the session, but traded higher for the day. All indices are in phase for monthly, quarterly gains.</p><p><br /></p><p><br /></p><p>The market's focus will now be on the S&amp;P 500. A close above the January closing record of 4796.56 points will confirm the index entering a 'bull market'. Traders will be closely monitoring the weekly job claims due at 9:30pm later where the data is the last driver that could influence the direction of the market before the end of 2023.</p><p><br /></p><p>Market optimism about a rate cut as early as March with the likely survival of the US economy next year, and artificial intelligence sentiment will drive US stocks higher in 2023. However, concerns over slower growth in a sharper economy remain as the full impact of rising costs Higher loans have more impact.</p><p><br /></p><p>Financial markets had expected an 86% chance that policymakers would cut the Fed funds target rate by at least 25 basis points at the end of their March policy meeting, according to CME's FedWatch tool.</p><p><br /></p><p>Among individual stocks, shares of US-listed Chinese companies rose in pre-market trade as China's major shares posted their biggest jump in five months on Thursday on strong foreign flows. Shares of Alibaba Holdings, PDD Holdings, and JD (NASDAQ:JD).Com Inc rose between 1.4% and 3.7%.</p>