S&P 500 (SPY) Report – 06/28/23

Good morning traders! 

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

Stock futures decline slightly on Wednesday as traders evaluate the broad market rally in yesterday’s session. This morning, semiconductor stocks, such as Nvidia and AMD, saw a drop in premarket trading after reports that the U.S. is considering new export restrictions to China. Despite recent turbulence, the Dow marked a turnaround with its first positive session in seven days yesterday. This uptick was mirrored by both the S&P 500 and Nasdaq Composite, which each climbed by more than 1%. This was fueled by a recovery in tech stocks, bouncing back from last week’s significant sell-off.

Investors are now awaiting a talk from Federal Reserve Chair Jerome Powell, which is set for this morning. Powell, along with other central bank leaders, will be speaking at the European Central Bank Forum on Central Banking. Markets are hoping to glean insights into the future of U.S. economic policy from Powell’s remarks. Recently, Powell indicated that additional interest rate hikes are expected to combat inflation, though they will likely be at a more moderate pace.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Int. Trade in Goods 8:30am ET
Wholesale Inventories 8:30am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected

Fed Speaker Scheduled:
Jerome Powell 9:30am ET – High Volatility Expected

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