S&P 500 (SPY) Report – 06/01/23

Good morning traders! 

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

Stock futures are mostly unchanged Thursday morning as the U.S. House passed a debt ceiling bill, moving it to the Senate. The bill’s passage provided some relief as concerns over a potential U.S. debt default persisted throughout May. Investors are now eyeing the upcoming Federal Reserve policy meeting and Friday’s payrolls report for further market direction.

In the news, Salesforce (CRM) and CrowdStrike (CRWD) both experienced pre-market declines. Salesforce dropped over 6% due to concerns about its 36% increase in capital expenditure during the quarter. CrowdStrike’s stock declined as its full-year profit forecast fell on the lower end of analyst expectations. In the retail sector, earnings reports provided a mixed picture of consumer spending. Nordstrom (JWN) exceeded analyst expectations, leading to a nearly 4% rise in shares. However, Macy’s (M) painted a different picture, causing its stock to slump over 7% after revising down its full-year sales and earnings-per-share guidance.

Thursday Economic Events:
ADP Employment Report 8:15am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Productivity and Costs 8:30am ET
PMI Mfg Final 9:45am ET
ISM Mfg Index 10:00am ET
Construction Spending 10:00am ET
EIA Natural Gas Report 10:30am ET
EIA Petroleum Report 11:00am ET – High Volatility Expected

Fed Speaker Scheduled:
Patrick Harker 1:00pm 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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