S&P 500 (SPY) Report – 06/21/23

Good morning traders! 

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

Stock futures traded lower this morning, indicating a pause in the market rally from the previous week. Investors are treading cautiously as they digest Federal Reserve Chair Jerome Powell’s latest comments on inflation and the central bank’s stance on interest rates. The market’s concern centers around potential rate hikes that could put pressure on the economy and possibly trigger a recession. Despite the Fed’s decision to hold off on raising rates in their last meeting, the hint at possible increases later this year has added to investor wariness.

However, recent market optimism has been fueled by speculation that inflation is easing enough for the Fed to halt its rate hikes soon. This, coupled with a surge in tech stocks driven by advancements and interest in artificial intelligence, has provided a counterbalance to the caution. Investors are now in a wait-and-see mode, closely monitoring Powell’s testimony before Congress, key stock movements, and other market news. The current market sentiment underscores the importance of flexibility and staying informed in order to navigate potential trading opportunities and risks.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Jerome Powell 10:00am ET – High Volatility Expected
Lisa Cook 10:00am ET
Phillip Jefferson 10:00am ET
Austan Goolsbee 12:25pm ET
Loretta Mester 4:00pm ET


DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

Related Articles

Notify of
Inline Feedbacks
View all comments