Stock market news today: S&P 500, Nasdaq lock in January jump

"Overall, we're bullish on the equity market moving into February, as well as for the full year 2023," Greg Bassuk, chief executive officer at AXS Investments, told Insider."But rather than anticipating a straight trajectory upward, we think that with a combination of mixed corporate earnings results ... with likely mixed economic data, it'll be a little bit more choppy and volatile.

Bassuk said the US economy looks likely to avoid a recession but a flare-up in inflationary pressures remains a risk, he said. "Whether inflation has peaked or not, the fact is that prices remain elevated. That's going to hamper everything from consumer spending to corporate margins until prices ease a bit," he said."[That] is another factor that could infuse some hiccups and choppiness in the short-term equity markets."

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