S&P 500 (SPY) Report – 07/14/23

Good morning traders! 

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

US stock futures trade higher on Friday, driven by positive earnings reports from JPMorgan and Wells Fargo. Investors are closely examining the latest financial sector updates, particularly for any indications of the impact from recent bank failures and the subsequent withdrawal of deposits. Shares of JPMorgan and Wells Fargo increased following their announcement of significant profit growth in the second quarter. In contrast, BlackRock’s stock declined due to a year-on-year decrease in revenue.

All major market indicators are expected to end the week positively. This optimism is fueled by indications of slowing inflation and a strong labor market, which raise hopes of a robust economy capable of sustaining stock market momentum after an excellent start to the year. Tech growth stocks led another strong session for the stock market rally, with Treasury yields and the dollar continuing to decline.

Several stocks, including Alphabet, ASML, Snowflake, Arista Networks, and On Holding, signaled buying opportunities on Thursday as many other market leaders continued to gain. While this week has been favorable for investors to increase their exposure, the risk of another market pullback is growing.

Friday Economic Events:
Import and Export Prices 8:30am ET
Consumer Sentiment 10:00am ET
Inflation Expectations 10:00am ET
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled


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.

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