S&P 500 (SPY) Report – 03/09/23

Good morning traders!

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

The latest jobs report showed a smaller-than-expected wage gain and uptick in unemployment, leading to a slight rise in S&P 500 futures and a drop in bank shares. The report’s lower-than-expected increase in wages could cause the Federal Reserve to reconsider raising rates. The unemployment rate also ticked higher, adding to signs that the job market was cooling. Treasury yields tumbled after the report, easing pressure on stocks. SVB Financial’s shares tumbled again on Friday, leading to a broad financial sector selloff. The market is awaiting the February jobs report, which economists expect to show nonfarm payrolls rising by 225,000, a slowdown from January’s gain. Traders see the report as a key driver in the Federal Reserve’s decision on rate hikes at its next policy meeting.

Thursday Economic Events:
Challenger Job Cut 7:30am ET
Jobless Claims 8:30am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Michael Barr 10:00am ET

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