S&P 500 (SPY) Report – 05/31/23

Good morning traders! 

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

Stock futures decline Wednesday morning as investors continue to monitor the ongoing federal debt ceiling discussions in Washington before the final trading day of May. As we approach the end of May, the Nasdaq Composite has shown strong gains of nearly 6.5% for the month. On the other hand, the S&P 500 has only seen a modest increase of about 0.9%, while the Dow has experienced a decline of 3.1%. The notable outperformance of the Nasdaq Composite is largely attributed to the excitement surrounding artificial intelligence, exemplified by Nvidia briefly surpassing a market cap of $1 trillion on Tuesday. However, concerns are emerging on Wall Street regarding the narrow strength of the market.

In the news, several stocks experienced notable movements in the market. HP stock declined 6.2% due to weak demand for personal computers, while Goldman Sachs stock fell 1.7% following reports of job cuts. Hewlett Packard Enterprise stock tumbled 8.7% after missing revenue expectations and American Airlines stock increased 1.4% as the company raised its profit outlook. 

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Redbook Sales 8:55am ET
Chicago PMI 9:45am ET
JOLTS 10:00am ET – High Volatility Expected
Beige Book 2:00pm ET
Farm Prices 3:00pm ET

Fed Speaker Scheduled:
Michelle Bowman 8:50am ET
Susan Collins 8:50am ET
Susan Collins 12:20pm ET
Patrick Harker 12:30pm ET
Phillip Jefferson 1:30pm ET

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