S&P 500 (SPY) Report – 06/23/23

Good morning traders! 

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

Stock futures dip this morning  as investors anticipate future interest rate hikes from the Federal Reserve and await new economic data. Today the preliminary June Purchasing Managers’ Index (PMI) for manufacturing and services from S&P Global is due to be released at 9:45 a.m. ET. The manufacturing index is predicted to be at 48.5 and the services index at 53.5, both figures consistent with May’s results. This week, Federal Reserve Chair Jerome Powell signaled potential interest rate increases in the upcoming months to combat inflation. Investors are now predicting a 74% likelihood of a quarter-point hike at the Fed’s July meeting, up from 67% a week ago.  Major stock indexes are likely to end the week with losses. 

Despite the recent market pullback, many analysts remain bullish as market exposure remains at 60%-80%. Investors are advised to watch for signs of increased institutional selling which could prompt a reduction in exposure. It’s crucial to stay informed about market trends during the ongoing stock market uptrend.

Friday Economic Events:
PMI Composite Flash 9:45am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
James Bullard 5:15am ET
Raphael Bostic 8:00am ET
Loretta Mester 1:40pm 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.

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