10 things you need to know today (SPY, SPX, QQQ, DIA, BP)

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January 2, 2018 2:31 PM

This is what traders are talking about.

Here is what you need to know.

The S&P 500 gained in every month last year. The index advanced in every month of 2017, making for the first time on record it gained ground in all 12 months of a year.

Wall Street is bullish on 2018. This year is expected to be among the most profitable for the S&P 500 in this bull market, now entering its ninth year, with strategists at Oppenheimer and JPMorgan calling for the benchmark average to reach 3,000 be year-end.

Singapore's economy slows down. Singapore's economy grew at a 3.1% annualized rate in the fourth quarter, slowing from the third quarter’s 5.4% growth, data from the Monetary Authority of Singapore showed.

Chinese manufacturing picks up steam. China's manufacturing PMI rose to 51.5 in December, making for its highest print since August.

BP says it will take a $1.5 billion hit from Trump's tax plan. The oil and gas giant says it expects a long-term boost from President Donald Trump's tax plan but will take a $1.5 billion fourth-quarter write-down because of it.

Hyundai and Kia Motors see a slow sales recovery. The automakers expect combined sales of 7.55 million vehicles this year, up slightly from 2017's 7.3 million vehicles sold, as a lack of SUVs in the United States and diplomatic tensions with China weigh, Reuters says.

Ethereum hits a record high. The cryptocurrency hit a record-high $880 an ether earlier Tuesday. It's now trading up about 11% near $843.

Recreational marijuana is legal in California. Adults ages 21 and older are now allowed to grow up to six marijuana plants and possess as much as an ounce of the drug, the Associated Press reports.

Stock markets around the world are mixed. Hong Kong's Hang Seng (+1.99%) outperformed in Asia, and France's CAC (-0.88%) trails in Europe. The S&P 500 is set to open up 0.25% near 2,680.

US economic data trickles out. Markit US Manufacturing PMI will cross the wires at 9:45 a.m. ET.

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