S&P 500 (SPY) Report – 04/03/23
Good morning traders!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
Stock futures are trading mostly flat this morning, with the S&P 500 down about 0.1%, Dow futures up 0.3%, and Nasdaq futures down about 0.7%. This week’s economic focus is on the Labor Department’s jobs report, with economists expecting 200,000 new jobs added in March, down from 311,000 in February. The Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey, with economists predicting a decline to 10.45 million job openings at the end of February. The Labor Department will also report initial jobless claims for the week ended April 1, which remain low despite nine interest-rate increases by the Federal Reserve since March 2022. Economists expect the unemployment rate to remain at 3.6%.
In the news, The Biden administration disagrees with the 1.16 million barrels per day output cuts by OPEC+ due to market uncertainty. They focus on lower prices for American consumers, which have already come down significantly. They will work with producers and consumers to support economic growth and lower energy prices. The U.S. national average gasoline price is currently $3.50 per gallon. Some analysts think the cuts could increase oil prices towards $100.
Monday Economic Events:
PMI Manufacturing Final 9:45am ET
ISM Manufacturing Index 10:00am ET – High Volatility Expected
Construction Spending 10:00am ET
Investor Movement Index 12:30pm ET
Fed Speaker Scheduled:
James Bullard 8:30am ET
Lisa Cook 4:15pm ET
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