S&P 500 (SPY) Report – 04/27/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
The US stock market closed on a mixed note on Wednesday amidst anticipation of several high-impact economic releases scheduled for today. The Bureau of Economic Analysis reported a slower-than-anticipated growth rate of 1.1% for the US economy in the first quarter, missing economists’ expectations of 1.9%. Alongside this, the Core Personal Consumption Expenditures Price Index rose higher than expected, indicating an inflationary trend in the economy, while the weekly jobless claims fell, exceeding economists’ estimates. Additionally, the health of regional banks came into question, with First Republic Bank recording a drop in deposits larger than expected, resulting in its stock plummeting almost 30% on Wednesday. These developments have sparked concerns among investors and market analysts who are keeping a watchful eye on the trajectory of the US economy.
We advise everyone to trade with caution today as today’s data releases can lead to high market volatility as investors and traders adjust to the new information.
Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET
KC Fed Mfg Index 11:00am ET
Fed Speaker Scheduled:
No Fed Speakers Schedule
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