S&P 500 (SPY) Report – 04/04/23

Good morning traders!

The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…

Markets are trading higher this morning ahead of the release of factory orders and the Labor Department’s job openings and turnover survey (JOLTS). In the news, Jamie Dimon, CEO of JPMorgan Chase, wrote in his annual shareholder letter that the banking crisis triggered by Silicon Valley Bank’s collapse is not yet over and will have repercussions for years to come. However, he also stated that it’s not as bad as the 2008 financial meltdown. Investors are looking for clues about the state of the financial system and its impact on banks’ day-to-day business.

Furthermore, James Bullard, President of the Federal Reserve Bank of St. Louis, spoke about recent banking pressures, inflation, and oil prices. He believes that recent OPEC oil output cuts may feed into inflation and make it more difficult to fight. However, he also stated that the labor market is strong, with more job openings than unemployed workers. He believes that it’s a good time to be fighting inflation, and the Federal Funds Rate currently stands at 4.75% to 5%. The next Consumer Price Index (CPI) data release is scheduled for Apr. 12, 2023.

Tuesday Economic Events:
Redbook Sales 8:55am ET
Factory Orders 10:00am ET
JOLTS 10:00am ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Lisa Cook 1:30pm ET
Susan Collins 1:45pm ET
Loretta Mester 6:00pm ET


DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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