Good morning traders!
The S&P 500 ($SPY) is trading below Friday’s close. Let’s get into it…
Stock futures decline Tuesday morning as Wall Street struggles to maintain the positive momentum from the previous week. Markets were closed yesterday in observance of the Juneteenth holiday. Last week, investors reacted positively to the Federal Reserve’s decision to hold off on a rate hike in June. Fed Chairman Jerome Powell stated in a press conference that the central bank has not yet made a decision on policy ahead of the July meeting, but forecasts indicate two more quarter-point rate increases later this year. The decision to skip the June hike ended the Fed’s streak of ten consecutive rate increases.
Despite Powell’s emphasis on data-dependent future policy, stocks have been trending upward. Investors are assessing the sustainability of last week’s strong market sentiment in a shortened trading week with limited economic data. Housing starts data will be released this morning. New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will appear at a corporate governance event in New York City on Tuesday. Fed Chair Powell is scheduled to testify in front of Congress on Wednesday and Thursday.
Tuesday Economic Events:
Housing Starts and Permits 8:30am ET – High Volatility Expected
Fed Speaker Scheduled:
James Bullard 6:30am ET
Christopher Waller 7:45am ET
John Williams 11:45pm ET
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