S&P 500 (SPY) Report – 06/07/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
US stock futures are mostly unchanged this morning as concerns over global growth increased. In the news, Chinese exports experienced a surprise drop, leading to worries about the post-pandemic recovery in the world’s second-largest economy. The weaker global trade and fading reopening boost in China may prompt the leadership to announce new stimulus measures. Additionally, the OECD slightly raised its global growth forecast for 2023 but highlighted potential drags on future recovery such as inflation and interest-rate hikes.
On the economic front, there are several key events today that might influence the S&P 500 and the broader markets. These include various consumer price indexes, industrial outputs, trade balance reports, and GDP estimates from different countries. Particularly noteworthy for the U.S. markets are the MBA 30-Yr Mortgage Rate, Mortgage Market Index, Mortgage Refinance Index, and the MBA Purchase Index, all of which are set to be released later in the day.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Int. Trade in Goods 8:30am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
Consumer Credit 3:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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