S&P 500 (SPY) Report – 05/10/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
On Wednesday morning, US stock futures moderately rose following the announcement that April’s consumer prices rose 4.9% from a year ago, which was lower than economists’ forecast of 5%. This resulted in Treasury yields dropping, while tech stocks like Alphabet, Nvidia, and Tesla rose in premarket trading.
However, the US debt ceiling continues to be a cause for concern, with little progress made after a meeting between President Biden and congressional leaders on Tuesday. Biden met with congressional leaders to discuss raising the debt limit, but they ended the meeting without a deal. They plan to continue negotiations on Friday. The Treasury Department has warned that a bill must be signed by June 1 to avoid a default on the country’s obligations, with the Bipartisan Policy Center predicting that the US will run out of money to pay its obligations between early June and early August. Biden has expressed that he will not pass a budget with drastic cuts and will not attend the G-7 meeting in Japan if a deal is not reached.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
CPI 8:30am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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