S&P 500 (SPY) Report – 08/08/23

Good morning traders!

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

Stock futures trade lower this morning, primarily due to Moody’s downgrading the credit ratings of several banks. As a result, major players like Goldman Sachs and JPMorgan Chase dropped about 1% in premarket trading. The dip was particularly pronounced among smaller banks, with the SPDR S&P Regional Banking ETF falling over 2%.

The current earnings season has generally been positive, with around 89% of S&P 500 companies reporting their quarterly results. Impressively, approximately 80% of these companies exceeded Wall Street’s expectations. This positive trend was further emphasized when Philadelphia Federal Reserve President, Patrick Harker, hinted at an end to the central bank’s current rate-hiking regime.

Despite Tuesday’s setback, Wall Street remains hopeful, especially after Monday’s strong performance where significant gains were observed across the board. The upcoming consumer price index report for July, releasing on Thursday, is now under the spotlight, as its findings may impact Wall Street’s bullish sentiment.

Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Int. Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
Wholesale Inventories 10:00am ET
API Crude Oil Data 4:30pm ET – High Volatility Expected

Fed Speaker Scheduled:
Patrick Harker 8:15am ET
Tom Barkin 8:30am 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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