S&P 500 (SPY) Report – 02/15/23

Good morning traders!

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

Stock futures declined this Wednesday morning as investors and traders digest the latest retail sales report, which was higher than expected, and the January consumer price index report, which was hotter than anticipated. The higher-than-expected retail sales figures prompted the dip in futures. On Tuesday, the Dow closed lower by over 156 points, while the S&P 500 remained relatively flat, dropping 0.03%, and the tech-heavy Nasdaq Composite closed 0.57% higher. The inflation report also weighed on equities. The consumer price index report for January came slightly above economists’ estimates, indicating a potentially longer path in the Federal Reserve’s fight against rising prices. However, some experts noted that the inflation figures were not entirely surprising, and the market took the news in stride. Investors will also be watching quarterly earnings reports from Biogen and Kraft Heinz and other data, including the National Association of Home Builders/Wells Fargo Housing Market Index, industrial production, and business inventories data.

Trade Ideas:

• The $SPY is consolidating, and could go either direction as of right now. We advise everyone to trade cautiously and wait for confirmation for all of your trades.

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Retail Sales 8:30am ET – High Volatility Expected
Empire State Mfg Index 8:30am ET
Industrial Production 9:15am ET
Business Inventories 10:00am ET
Housing Market Index 10:00am ET
EIA petroleum Report 10:30am ET – High Volatility Expected

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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.