S&P 500 (SPY) Report – 03/19/24

Good morning, traders!

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

US stock futures declined on Tuesday as investors prepared for the Federal Reserve’s two-day policy meeting, affecting major indices like the S&P 500, Dow Jones, and Nasdaq. The focus was on potential changes in interest rates following recent unexpected inflation data. Nvidia shares also dropped after their latest AI technology updates, impacting overall tech stocks.

The Federal Reserve’s meeting is highly anticipated, with market participants looking for hints about future monetary policy through the “dot plot,” a graph showing individual Fed members’ rate expectations. Despite concerns over inflation, the consensus is that rates will remain high, with all eyes on the Fed’s decision and comments due on Wednesday.

In other financial news, the Bank of Japan has raised interest rates for the first time in 17 years, ending its negative rate policy. This move comes amidst a week filled with critical central bank decisions globally. In the cryptocurrency market, Bitcoin and related stocks saw a significant drop, indicating a broader market reticence.

On the corporate side, Unilever announced job cuts and plans to separate its ice cream business, causing a notable increase in its stock price. Meanwhile, Nvidia’s latest AI developments and stock market reactions highlight investor behavior and market trends, with AI and technology stocks under particular scrutiny as the Federal Reserve’s decisions loom.

Tuesday Economic Events:
Housing Starts and permits 8:30am ET
Redbook Sales 8:55am ET
20 Yr-Bond Auction 1:00pm ET
Treasury Int. Capital 4:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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