S&P 500 (SPY) Report – 03/20/23
Good morning traders!
The S&P 500 ($SPY) is trading slightly above Friday’s close. Let’s get into it…
The headline event of the week will be a crucial two-day meeting of the Federal Reserve’s policy-making committee. Investors are debating over the potential hawkish tilt with Bank of America forecasting the Fed will lift target range to 4.75-5.0% and maintain its balance sheet runoff. Meanwhile, Moody’s economist Mark Zandi is warning that raising rates would be a mistake and that the central bank should loosen its tightening policy due to higher recession risks. The Fed, along with other central banks, has gotten involved amid the ongoing banking turmoil by announcing actions that aim to keep U.S. dollars flowing throughout the global banking system. Economic reports, including housing data and services and manufacturing activity readings from S&P Global, are also expected this week. Additionally, companies such as Foot Locker, Nike, and Darden Restaurants are set to release earnings reports, providing an update on the state of the consumer. Outside of the US, Chinese President Xi Jinping is in Moscow this week, talking with Russian President Vladimir Putin amid sharpening East-West tensions over the war in Ukraine and the latest sign of Beijing’s emboldened diplomatic ambitions.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Monday Economic Events:
No Significant Economic Events Scheduled
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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