S&P 500 (SPY) Report – 05/26/23

Good morning traders! It’s finally Friday, and Memorial Day weekend is upon us. Let’s honor and remember those who have given their lives in service to our country.

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

Stock futures edge higher Friday morning as investors await updates on the debt-ceiling negotiations in Washington along with the latest batch of corporate earnings reports. The Dow Jones and S&P 500 were poised to end the week slightly lower due to the impact of the debt-ceiling discussions. However, there were signs of progress as President Joe Biden and Speaker of the House Kevin McCarthy were reported to be nearing a deal to extend the debt ceiling for two years. According to Goldman Sachs, negotiators seemed to be approaching an agreement, and an announcement could potentially come late on Friday or Saturday. The deal would then likely undergo a House vote on Tuesday or Wednesday, followed by Senate approval.

Friday Economic Events:
Durable Goods and Orders 8:30am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
Personal Income and Outlays 8:30am ET
Wholesale Inventories 8:30am ET
Consumer Sentiment 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
Loretta Mester 11:00am ET

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