S&P 500 (SPY) Report – 06/05/23
Good morning traders!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
US stock futures showed mixed movements in pre-market trading on Monday, as a few high volatility economic events are on the schedule for today. The upcoming Federal Reserve policy meeting gained attention after strong jobs data and the passage of the US debt-ceiling bill provided optimism to investors. Despite concerns about a narrow stock market rally, experts believe that the strength of the labor market and consumer spending are delaying the possibility of a recession. Improved breadth in the market and positive economic indicators could further support the positive sentiment.
In the news, crude prices initially rose but later trimmed their gains as Saudi Arabia announced plans to reduce its oil output by an additional 1 million barrels per day starting in July. This decision by the world’s leading oil exporter comes as a unilateral move, as OPEC and its allies agreed to maintain their current oil-production target through 2024 during their recent meeting. US benchmark WTI crude futures saw an increase of nearly 2% to reach $73.15 on Monday morning, while Brent crude futures, the global benchmark, rose by 1.8% and traded at $77.52 per barrel. We will provide further updates as we gather more information regarding this development, as it carries potential implications for the S&P 500.
Monday Economic Events:
PMI Composite Final 9:45am ET – High Volatility Expected
Factory Orders 10:00am ET
ISM Services Index 10:00am ET – High Volatility Expected
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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