S&P 500 (SPY) Report – 03/08/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
US futures are trading flat before the open as investors wait for more testimony from Federal Reserve Chair Jerome Powell. On Tuesday, Powell’s remarks on Capitol Hill resulted in a 1.5% drop in equities, with every sector declining. The chief U.S. economist at JP Morgan noted that Powell’s speech indicates the Fed will heavily depend on near-term data for upcoming rates decisions. ADP’s monthly read on private payroll growth showed an increase of 242,000 jobs in February, above the expected 200,000. The US monthly international trade deficit was $68.3 billion in January, below the expected $68.7 billion. Friday’s jobs report will be closely watched for more clues about the strength of the economy.
We advise everyone to trade with caution today or avoid trading altogether as a few high volatility events are scheduled for today. It’s better to wait for more stable trading days, especially for novice traders.
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
ADP Employment Report 8:15am ET – High Volatility Expected
International Trade in Goods 8:30am ET
JOLTS 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
Jerome Powell 10:00am ET – High Volatility Expected
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