S&P 500 (SPY) Report – 05/18/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures mixed Thursday morning as investors await updates on the debt ceiling debate and quarterly results from Walmart, indicating resilience in consumer spending. President Biden’s departure for Asia without a debt ceiling plan did not dampen optimism, and discussions set the stage for further negotiations. Analysts anticipate a deal announcement shortly after Biden’s return from the G-7 meetings in Japan. Walmart’s stock increased nearly 2% in pre-market trading after reporting higher-than-expected same-store sales growth and raising its adjusted earnings per share forecast. Chinese e-commerce giant Alibaba also saw a rise in shares following mixed quarterly results and approval for the spinoff of its cloud business. Additionally, weekly jobless claims came in lower than expected, marking the largest weekly drop since 2021, although there were concerns about inflated figures due to fraud in Massachusetts.
Additionally, investors are closely monitoring the Federal Reserve’s next moves regarding interest rates, with the market now pricing in a higher probability of a rate hike in June. With multiple uncertainties on the horizon, revitalizing the previously dormant stock market comes with its own set of risks.
Thursday Economic Events:
Initial Jobless Claims 8:30am ET
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
Existing Home Sales 10:00am ET – High Volatility Expected
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
Phillip Jefferson 9:05am ET
Michael Barr 9:30am ET
Lorie Logan 10:00am ET
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