S&P 500 (SPY) Report – 04/12/23

Good morning traders!

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

US stock futures jump this morning after a lower than expected rise in consumer prices for the month of March. The Federal Reserve’s rate decision may be influenced by the recent CPI report, and the FOMC meeting minutes from the March policy meeting are expected to provide further insight into future rate-hikes.

Earnings season also begins with JPMorgan Chase, Citigroup, and Wells Fargo releasing their earnings reports on Friday. Their reports will provide some insight into the economy’s future. The banks started tightening lending conditions in January, and it’s unclear how much worse it’s gotten since the recent market scare. Chicago Fed President Austan Goolsbee has suggested caution in raising rates. The banks’ reports will reveal if there is a decrease in demand for loans and how much they are preparing for loan defaults. They will also show the strength of balance sheets and if there are any new plans to cope with sudden withdrawals. Strong earnings reports will boost confidence, while weak ones could lead to instability.

Trade Ideas:
We advise everyone to trade with caution when trading today as new CPI data was released this morning. The CPI (Consumer Price Index)  tracks inflation by recording a broad range of goods and services, and such data releases can lead to high market volatility as investors and traders adjust to the new information.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
CPI 8:30am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET  – High Volatility Expected
FOMC Minutes 2:00pm ET  – High Volatility Expected
Treasury Statement 2:00pm ET

Fed Speaker Scheduled:
Tom Barkin 9:00am ET
Mary Daly 12:00pm 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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