S&P 500 (SPY) Report – 05/24/23

Good morning traders!

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

U.S. stock futures dipped on Wednesday morning due to concerns over a potential U.S. debt default and anticipation of the Federal Reserve’s meeting minutes. Negotiators are set to meet again, but little progress has been made so far in the debt-ceiling negotiations. This impasse has heightened investor anxiety, leading to increased demand for safe-haven assets and market volatility. Treasury Secretary Janet Yellen has warned of a potential default in early June. Even if the debt ceiling is raised, it could have repercussions on the broader capital markets by reducing liquidity.

The release of the Federal Open Market Committee minutes is expected to provide valuable insights into the central bank’s stance on interest rates. In addition, stocks are being influenced by China’s economic recovery and escalating tensions in the U.S.-China chip industry. We will continue to provide more information on these matters as we gain further insights.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
FOMC Minutes 2:00pm ET – High Volatility Expected

Fed Speaker Scheduled:
Christopher Waller 12:10pm 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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