S&P 500 (SPY) Report – 04/18/24

Good morning, traders!

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

U.S. stock futures may be showing signs of recovery as it looks to bounce back from recent declines. On Thursday, U.S. stock futures indicated a slight increase, with particular attention on the technology sector after Taiwan Semiconductor Manufacturing Company (TSMC) reported strong results, boosting hopes for AI technology growth. These results have instilled a renewed optimism in technology stocks, which had suffered losses in the previous session. As Wall Street gears up for more earnings reports, all eyes are on Netflix, which is set to release its financial results and is considered a critical indicator for this earnings season.

Amidst the earnings reports, there’s ongoing concern over inflation and interest rates. The market has been under pressure due to fears that the Federal Reserve might halt its rate cuts if inflation doesn’t show signs of subsiding. This makes corporate earnings even more pivotal, as investors seek to gauge whether companies can continue to perform well against a backdrop of economic uncertainty. On Thursday, attention was also on Federal Reserve policymakers who were scheduled to speak, potentially offering insights into future monetary policy.

In other economic news, initial jobless claims for the week ending April 13 came in slightly below expectations, indicating a stable labor market. This data is crucial as it suggests that despite economic uncertainties, companies are not laying off workers at an increased rate. Moreover, the U.S. bond market saw a slight decline in yields, which helped alleviate some of the pressure on stocks.

Overall, the stock market’s performance in the coming days will likely be influenced by ongoing earnings reports, Federal Reserve’s policy decisions, and economic indicators such as jobless claims and manufacturing indexes. Investors are closely monitoring these developments to determine the market’s direction in the face of mixed economic signals.

Thursday Economic Events:
Jobless Claims 8:30am ET – High Volatility Expected
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
Existing Home Sales 10:00am ET – High Volatility Expected
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Michelle Bowman 9:05am ET
Michelle Bowman 9:15am ET
John Williams 9:15am ET
Raphael Bostic 11:00am ET
Raphael Bostic 5:45pm ET

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