S&P 500 (SPY) Report – 05/06/24

Good morning, traders!

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

U.S. stock futures trade higher, as Wall Street poised to extend the gains from the previous session. The boost comes after a softer-than-expected jobs report sparked optimism about the Federal Reserve cutting interest rates. Futures linked to major indices such as the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all showed around a 0.3% increase.

Last week ended with a surge in stocks, primarily fueled by a favorable jobs report often dubbed as “Goldilocks” for striking a balance that pleased both the markets and the Fed. The report has shifted expectations, with now over two-thirds of market bets leaning towards a rate cut by the Fed in September. Traders are even eyeing the possibility of two rate cuts by year-end.

Market sentiment could be swayed by forthcoming remarks from Federal Reserve officials, who are now free to speak following the end of a blackout period. Investors are particularly attentive to speeches by New York Fed President John Williams, Richmond Fed President Thomas Barkin, and Minneapolis Fed President Neel Kashkari scheduled for the beginning of the week.

Turning to corporate developments, Disney is in the spotlight as earnings season winds down. Its stock has seen a significant rise of approximately 25% since the beginning of the year. Conversely, Apple shares dipped slightly after Warren Buffett’s Berkshire Hathaway disclosed a reduction in its holdings over the weekend, despite Apple’s 6% post-earnings rally on Friday. As markets continue to digest earnings reports and Fed signals, investors remain vigilant for potential market-moving events.

Monday Economic Events:
3- and 6-Month Bill Auction 11:30am

Fed Speaker Scheduled:
Thomas Barkin 12:50pm
John Williams 1:00pm 


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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