Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
U.S. stock futures increased on Tuesday, with investors hoping for an end to the Dow’s six-day losing streak, the longest since last September. This optimism is driven by the anticipation of upcoming economic data like June’s consumer confidence and May’s durable goods orders. Additionally, expectations of new stimulus in China and upcoming U.S. inflation data contribute to the positive sentiment. China’s Premier, Li Qiang, has assured that China is on track to reach its 5% growth goal for 2023 and plans to introduce policies to stimulate demand. Furthermore, the Chinese central bank has set a higher-than-expected yuan rate to slow its recent decline.
However, the primary focus is Friday’s release of the personal-consumption expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation. After the central bank held interest rates steady this month, investors will be carefully analyzing the PCE data for signs of future inflation-fighting rate hikes.
Investors are also awaiting economic data such as May single-family home sales and the Bureau of Economic Analysis’s first-quarter gross domestic product reading due on Thursday. The most anticipated data, however, will be the personal income and expenditures data for May, due on Friday, where economists expect to see a rise in both income and spending.
Tuesday Economic Events:
Building Permits 7:45am – ET High Volatility Expected
Durable Goods Orders 8:30am – ET High Volatility Expected
Redbook Sales 8:55am ET
Case-Shiller HPI 9:00am ET
FHFA HPI 9:00am ET
Consumer Confidence 10:00am ET – ET High Volatility Expected
New Home Sales 10:00am ET – ET High Volatility Expected
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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