S&P 500 (SPY) Report – 07/12/23

Good morning traders! 

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

U.S. stock futures rip higher on Wednesday as new data showed inflation increased less than anticipated in June. Dow Jones futures are up about 0.5%, S&P 500 futures increased by 0.7%, and Nasdaq-100 futures climbed by 0.9%. The consumer price index (CPI) rose 3% year-over-year in June, which was in line with economists’ expectations. The core CPI, which excludes volatile food and energy prices, also rose less than expected.

Economists suggest that the Federal Reserve will need to allow time for its rate hikes to impact the economy. The market currently predicts a 92% chance that the Fed will raise interest rates at the July meeting.

Stocks ended higher in Tuesday’s session, with the Dow gaining about 0.9%, and the S&P 500 and Nasdaq Composite both increasing by nearly 0.7% and 0.6% respectively. Investors will also be watching for comments from various Federal Reserve officials for insights into U.S. economic policy.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
CPI 8:30am ET – High Volatility Expected
Atl. Fed Bus Inflation Exp. 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Beige Book 2:00pm ET

Fed Speaker Scheduled:
Tom Barkin 8:30am ET
Neel Kashkari 9:45am ET
Raphael Bostic 1:00pm ET
Loretta Mester 4:00pm 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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