S&P 500 (SPY) Report – 06/02/23

Good morning traders! 

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

Stock futures are trading higher this morning following positive developments such as a strong May jobs report and the Senate’s approval of the debt ceiling bill. Investor concerns about the debt ceiling have eased following the Senate’s approval of a bill that will extend the U.S. debt ceiling for two more years. These positive developments surrounding the debt ceiling contributed to a rise in stock prices on Thursday, with all three major stock market indices closing the first day of June in positive territory.

U.S. hiring picked up in May with the addition of 339,000 jobs, demonstrating the labor market’s resilience despite rising interest rates and inflation. The unemployment rate rose slightly from its historic low to 3.7%, according to the Labor Department. Economists had expected around 195,000 new jobs. While job growth has slowed in recent months due to higher interest rates and recession concerns, it has remained volatile. Companies are hiring to address worker shortages caused by the pandemic, while the number of people quitting jobs has decreased. Some challenges persist, such as worker shortages and stricter lending standards affecting industries like restaurants and hotels.

Thursday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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