S&P 500 (SPY) Report – 02/28/24
Good morning, traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures experienced a slight decline on Wednesday as the market anticipates a significant inflation report expected later in the week. This caution comes after a varied performance in the previous session, where the S&P 500 and Nasdaq Composite saw minor gains, whereas the Dow faced a slight decrease. Despite recent highs, experts suggest caution in investing aggressively in the stock market right now.
Investors are particularly focused on the personal consumption expenditure (PCE) index for January, which is the Federal Reserve’s preferred inflation gauge. A positive report could signal potential rate cuts, comforting investors and impacting monetary policy. Meanwhile, the stock market is adjusting to recent economic data, with an eye on the Federal Reserve’s future actions regarding interest rates.
E-commerce giant eBay saw its stock rise nearly 5% after announcing an increase in its quarterly dividend and an additional $2 billion in stock buybacks. On the other hand, Urban Outfitters witnessed a drop of over 9% following its announcement of weaker-than-expected fourth-quarter results. This mixed corporate news reflects the ongoing volatility and uncertainty in the market.
In other market activities, Bitcoin has seen a significant surge, nearing a new all-time high, influenced by the introduction of spot Bitcoin ETFs. Additionally, Beyond Meat’s stock jumped over 60% in premarket trading following the CEO’s cost-cutting promises, highlighting the dynamic nature of the market and investors’ responses to corporate strategies.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
GDP 8:30am ET – High Volatility Expected
International Trade in Goods 8:30am ET
Wholesale Inventories 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
Raphael Bostic 12:00pm ET
Susan Collins 12:15pm ET
John Williams 12:45pm 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.
