S&P 500 (SPY) Report – 06/06/23

Good morning traders! 

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

US stock futures saw a modest decline Tuesday morning following yesterday’s sell off from Friday’s rally. In the news, wheat prices surged by approximately 3% as concerns grow about the grain supply due to reports of Russian forces bombing a dam in Ukraine. Officials have confirmed the incident, leading to evacuations and concerns about potential ecological consequences. This is among several factors contributing to market volatility and can significantly influence investor sentiment.

Furthermore, oil prices continued to fall as initial optimism over Saudi Arabia’s proposed cut in crude output faded. Treasury yields also dipped as the US government began issuing new Treasury bills, potentially impacting market liquidity. Additionally, Australia’s central bank raised its interest rate, leading to a rise in the Australian dollar.

Tuesday Economic Events:
Redbook Sales 8:55am ET
EIA Short-Term Energy Outlook  12:00pm ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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