S&P 500 (SPY) Report – 06/12/23

Good morning traders! 

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

US stock futures trade higher this morning as investors anticipate that the Federal Reserve would refrain from raising interest rates at this week’s policy decision. Market expectations indicate a 76% chance of no rate hike at the upcoming meeting, with traders anticipating Tuesday’s inflation data to support the view of subsiding inflation. Economists predict a drop in the consumer price index to a 4% annual rate for May, down from 4.9% in the previous month.

However, it is anticipated that Fed officials will emphasize their commitment to containing inflation and potentially raise rates at the July meeting before pausing for the remainder of the year. The Fed has already increased rates 10 times.

Traders are closely observing whether the S&P 500 can break through the 4,300 level and reach a new one-year high. Last Friday, the benchmark closed at 4,298.86, inching closer to its 52-week intraday peak of 4,325.28 reached in August. In early premarket trading, tech stocks Oracle and AMD led the gains, with Oracle scheduled to report earnings after the market closes on Monday.

Monday Economic Events:
Treasury Statement 2:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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