S&P 500 (SPY) Report – 07/05/23

Good morning traders! 

We hope everyone had an awesome time celebrating the Fourth of July weekend and enjoyed the well-deserved break.

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

Stock futures retreated on Wednesday as traders returned from the Independence Day break. The market’s attention today centers around the eagerly awaited release of the Federal Reserve minutes. Heightened concerns about the global economy arose after Chinese services activity experienced a significant decline, amplifying worries about the overall health of the world’s second-largest economy amidst escalating trade tensions between the US and China.

Investors are eagerly anticipating the insights that will be gleaned from the minutes of the Fed’s June meeting, which will shed light on the rationale behind the decision to postpone a rate hike while still indicating the possibility of future increases. These valuable insights will provide crucial context leading up to the highly anticipated release of the June jobs report on Friday.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Redbook Sales 8:55am ET
Factory Orders 10:00am ET
FOMC Minutes 2:00pm ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
John Williams 4:00pm ET

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