S&P 500 (SPY) Report – 05/11/23

Good morning traders!

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

This morning, U.S. stock futures trade lower ahead of another inflation print after Wednesday’s update on consumer prices resulted in most stocks trading higher. The latest data from the Bureau of Labor Statistics showed that Wednesday’s Consumer Price Index report indicated that prices had risen at their slowest annual pace in two years in April. This led to markets now pricing a 95% chance of a rate-hike pause in June, up from a 78% probability prior to the CPI release.

Furthermore, investors are awaiting another inflation update on Thursday morning with the release of producer prices. Economists anticipate a 0.3% rise in April on a monthly basis and a 2.5% increase on a yearly basis, according to Bloomberg consensus data. Meanwhile, initial jobless claims for the week ending May 6 are also expected on Thursday morning.

Thursday Economic Events:
Initial Jobless Claims 8:30am ET – High Volatility Expected
PPI-Final 8:30am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Christopher Waller 10:15am ET


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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