S&P 500 (SPY) Report – 02/12/24

Good morning, traders!

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

U.S. stock futures showed little movement early Monday, maintaining their positions after a historic week that saw the S&P 500 index surpass the 5,000 mark for the first time. This milestone comes amid a backdrop of consistent gains across major stock indices, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closing their fifth consecutive week of increases. The focus now shifts to a series of economic reports and earnings announcements that could influence market directions in the coming days.

Investors are particularly keen on the upcoming Consumer Price Index (CPI) report, scheduled for release on Tuesday. This key inflation gauge will provide fresh insights into the inflation trajectory at the start of 2024, potentially impacting Federal Reserve policy decisions regarding interest rate adjustments. The anticipation around this report, along with other significant economic data releases on retail sales, production, and housing starts, is high, as these indicators will further clarify the state of the U.S. economy.

Adding to the week’s significance, a substantial number of S&P 500 companies are set to report their earnings. High-profile names in the gig economy such as Lyft, Instacart, and DoorDash, alongside major corporations like AutoNation, Kraft Heinz, Hasbro, and Coca-Cola, will offer a closer look at the U.S. consumer’s health. These reports could sway market sentiment, providing investors with a clearer picture of corporate America’s performance and outlook.

Internationally, attention is also turning to Japan and the UK, with analysts highlighting investment opportunities in these regions. Japan is noted for its economic reflation efforts and measures to boost shareholder returns, making it an attractive market for value and high dividend stocks. Meanwhile, the UK market is described as “record cheap” and potentially beneficial in a volatile equity environment due to its high dividend yield. These insights suggest a broader perspective on investment strategies, emphasizing the importance of looking beyond the U.S. for opportunities in the current global financial landscape.

Monday Economic Events:
Treasury Statement 2:00pm ET

Fed Speaker Scheduled:
Michelle Bowman 9:20am ET
Thomas Barkin 12:00pm ET
Neel Kashkari 2:00pm ET

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