S&P 500 (SPY) Report – 02/02/24

Good morning, traders!

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

U.S. stock futures hover close to the previous day’s closing levels, influenced by the positive earnings reports from major tech companies and anticipation of the January jobs report. The S&P 500, Nasdaq-100, and Dow Jones Industrial Average futures saw varied increases, with significant gains following Meta’s announcement of a dividend payment and a $50 billion share buyback program, and Amazon’s impressive fourth-quarter performance. However, Apple’s shares dipped due to a sales decline in China.

The financial markets demonstrated resilience, bouncing back from a previous session’s downturn triggered by the Federal Reserve’s indications against a March rate cut. This rebound reflected investors’ optimism and adjustment to the Fed’s interest rate trajectory, supported by strong earnings reports and the potential for future rate cuts as suggested by market strategist Art Hogan.

The job market remains a key focus for both investors and the Federal Reserve, with the upcoming January jobs report expected to show a slight increase in unemployment but continued job growth. This data could influence the Fed’s decisions on interest rates moving forward, amidst a backdrop of a resilient economy and positive signs from the tech sector’s financial performance.

Overall, the week has been marked by significant market movements, driven by Federal Reserve announcements, robust tech earnings, and the anticipation of the jobs report. These factors have contributed to a potentially strong close for the week, indicating a positive outlook for the market despite previous volatility.

Friday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Michigan Consumer Sentiment 10:00am ET
Michigan Inflation Expectations 10:00am ET
Factory Orders 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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