S&P 500 (SPY) Report – 06/08/23

Good morning traders! 

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

Stock futures remain largely unchanged this morning as investors analyze new economic data before the upcoming Federal Reserve meeting. Although not a major factor in the Fed’s decision-making on a weekly basis, this week’s jobless claims will be one of the final economic data points before the Federal Open Market Committee meeting, scheduled to meet next Tuesday. Currently, market indicators suggest a 65% likelihood that the Federal Reserve will pause its interest rate hike campaign at that meeting, according to the CME FedWatch Tool.

On the economic front, the Department of Labor reported 261,000 jobless claims for the week ending June 3, surpassing economists’ estimate of 235,000 claims. This increase follows the previous week’s 233,000 claims. Furthermore, the Nasdaq 100 ended a four-day winning streak, potentially signaling a pullback in the AI-driven rally. The S&P 500 has been inching towards bull-market territory all week, needing to close above 4,292.44 for a 20% rally from its October 2022 bottom.

Thursday Economic Events:
Jobless Claims 8:30am ET – High Volatility Expected
Wholesale Inventories 10:00am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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