S&P 500 (SPY) Report – 06/30/23

Good morning traders! 

As we approach the Fourth of July weekend, let’s not forget the spirit of independence and resilience that fuels our great nation – and indeed, our bustling markets.

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

It’s Friday morning, and  futures for the Dow Jones, S&P 500, and Nasdaq all experienced modest increases. This trend seems to be in response to the anticipation of two additional Federal Reserve rate hikes this year, prompted by a string of economic reports that surpassed expectations. Interestingly, the personal consumer expenditures price index — the Federal Reserve’s go-to inflation metric — dropped from 4.3% in April to 3.8% in May. This information, reported by the U.S. Bureau of Economic Analysis, came in below the anticipated 4.6%.

Overall, the stock market presented a mixed picture on Thursday. While there were some sectors and stocks that underperformed, the day ended on a generally positive note. Leading the pack were the financial and industrial sectors, demonstrating the strength and resilience in these segments of the market. These trends highlight the dynamic nature of the stock market and the wide range of factors that can influence its performance. From macroeconomic indicators to individual company earnings, each piece of news plays a role in shaping the market’s direction.

Turning to corporate news, Nike recently announced that its Q4 earnings fell short of predictions, leading to a 2.5% drop in stock during extended trading. Constellation Brands, the producer of Modelo beer, also reported fiscal Q1 results. Despite beating estimates slightly, the company saw its stock dip by almost 2% in premarket trading.

Friday Economic Events:
Core PCE 8:30am ET – High Volatility Expected
Personal Income and Outlays 8:30am ET
Chicago PMI 9:45am ET
Consumer Sentiment 10:00am ET
Michigan Inflation Expectations 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Farm Prices 3:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

Stock Market Holidays:
Early Close – July 3, 2023 – 1:00 p.m.
Independence Day – July 4, 2023 – Closed

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.