S&P 500 (SPY) Report – 06/26/23

Good morning traders! 

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

Stock futures remained stable on Monday as the final week of June is light on economic reports and corporate earnings. The market rally slowed down last week, with the Nasdaq Composite dropping 1.44%, breaking an eight-week streak of gains. The S&P 500 also fell 1.01%, putting an end to its five-week winning streak. Traders will likely monitor events in Europe, where a brief rebellion by a private military group in Russia occurred over the weekend. The uncertainty surrounding this situation may contribute to some market volatility.

Furthermore, investors are also concerned about indications that Europe’s economy may be weaker than anticipated and the ongoing interest rate hikes by central banks to control inflation. High rates reduce inflation by slowing economic activity, but they also increase the risk of a recession. Market analyst Tim Waterer noted that such geopolitical uncertainties have led to a cautious mood among investors. 

Monday Economic Events:
Dallas Fed Mfg Survey 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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