S&P 500 (SPY) Report – 03/29/23

Good morning traders!

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

The President of the Federal Reserve Bank of St. Louis, James Bullard, believes that appropriate monetary policy and regulatory policies can help lower inflation and contain banking stresses. The Federal Open Market Committee has raised the federal funds rate by 4.75 percentage points over the last year to bring inflation down to the Fed’s 2% target. However, not all financial entities have adjusted to the changing interest rate environment. President Biden’s administration has done what it can to address recent bank failures, and plans are being prepared to push federal banking regulators to impose new rules on midsize banks.

In recent news, Apple introduced Apple Pay Later, which allows users to split purchases into four payments with no interest or fees. Micron Technology reported earnings that missed expectations but delivered revenue within their guidance range. Alibaba Group plans to split into six business groups with possible layoffs incoming. Microsoft announced a chatbot designed to help cybersecurity experts find and solve errors.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET

Fed Speaker Scheduled:
Michael Barr 10:00am 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.

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