S&P 500 (SPY) Report – 06/09/23

Good morning traders! 

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

The S&P 500 officially entered a bull market, finishing Thursday’s trading sessions more than 20% above its October 2022 lows. The stock market rally in 2023 continues as strong economic data outweighs concerns of a recession. BMO Capital Markets Chief Investment Strategist Brian Belski expressed optimism, stating that he believes the worst is over and that the market has already priced in the Fed’s expected interest rate increase before year-end.

On the economic front, Friday is expected to be quiet. Market projections indicate a 78% chance that the Federal Reserve will pause its interest rate hike cycle at the upcoming meeting, allowing time for clarity on the impact of previous rate hikes and tighter bank credit. Goldman Sachs economists led by Jan Hatzius noted that the Fed leadership considers pausing as a prudent course of action due to uncertainty surrounding the effects of previous rate hikes and the risk of inadvertently tightening credit conditions.

Friday Economic Events:
Quarterly Services Survey 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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