Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
US stock futures were down on Wednesday, with technology shares underperforming, ahead of another wave of corporate earnings including Morgan Stanley. On Tuesday, stocks closed flat following earnings releases from Bank of America and Goldman Sachs. Morgan Stanley’s first-quarter profit fell on continued pressure on its investment banking unit, leading its shares to fall over 2% in premarket trading. Meanwhile, Netflix shares fell over 10% after posting mixed results, but pared losses to be down only 1% in premarket trading. Housing data showed a turnaround in single-family building activity, and S&P1500 Homebuilder industry index soared to highs. Further earnings are due from Zions, Tesla, and IBM after market close.
Although the $SPY declined yesterday and in pre-market trading today, it is presently trading slightly above the 50-day Simple Moving Average (SMA) on a 4-hour chart. The 50-day SMA has served as a support level in recent trading sessions and continues to trend upward. At this point, it is still premature to draw any conclusions, so it is essential to wait for confirmation before making any trading decisions.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Beige Book 2:00pm ET
Fed Speaker Scheduled:
John Williams 7:00pm ET
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.