Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stocks are down this morning as private payroll data revealed that despite the Federal Reserve’s interest rate hikes to contain inflation, the labor market has remained strong. The Federal Reserve is standing firm in its battle to control inflation, with officials anticipating several interest rate rises this year despite sluggish price growth and a dimming economic outlook. Despite a minor improvement in recent months, officials agreed that inflation is still “unacceptably high.”
In the news, Amazon is cutting 18,000 jobs, and Salesforce plans to shrink its workforce by 10%, these are just the most recent businesses to do so in an effort to cut costs. However, investors should know that the sector is not typical of the larger economy ahead of crucial jobs data on Friday. When it comes to mass layoffs, the tech industry is essentially on its own; these actions have not expanded to other sectors and have not yet had a substantial effect on the labor market, which is still strong.
Potential Intraday Resistance Levels:
5D VPOC: $383.64
EOD VWAP: $$383.25
200D SMA (30min): $382.34
Potential Intraday Support Levels:
5D VA Low: $379.48
01/04/23 Low of Day: $377.83
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Thursday Economic Events:
Challenger Job Cut 7:30am ET
ADP Employment Report 8:15am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET
Trade Balance 8:30am ET
S&P Global PMI Final 9:45am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected
Fed Speaker Scheduled:
Esther George 8:30am ET
Raphael Bostic 9:20am ET
James Bullard 1:20pm ET
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.