S&P 500 (SPY) Report – 05/09/23

Good morning traders!

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

Stock futures fall Tuesday morning  ahead of talks on raising the federal government’s debt ceiling, with contracts on the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all slipping. The debt ceiling deadline is fast approaching, with Congress divided over how to address the issue. President Joe Biden is set to meet with congressional leaders on Tuesday. Investors are also watching Wednesday’s April inflation report, which is forecast to show an increase in headline inflation. Tightening credit conditions may “act as a de-facto Fed hike,” according to JPMorgan analysts. Small-business owner confidence fell in April, while Treasury yields were lower on Tuesday morning. Companies including Airbnb, Rivian Automotive, and Occidental Petroleum are set to report their earnings later on Tuesday.

Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Redbook Sales 8:55am ET
EIA Short-Term Energy Outlook – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
John Williams 12:05pm ET

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