S&P 500 (SPY) Report – 07/18/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures saw little change on Tuesday as a busy day of earnings reports began. Bank of America and Bank of N.Y. Mellon reported better-than-expected earnings for the second quarter, largely due to higher interest rates, leading to a more than 1% increase in Mellon’s stock. Morgan Stanley also exceeded expectations in terms of revenue and adjusted earnings per share, largely due to record revenue in its wealth management segment. However, PNC Financial saw a drop of more than 2% following mixed second-quarter numbers.
The earnings season has started strong, with around 82% of S&P 500 companies that have reported so far exceeding profit estimates. This comes as recent inflation data supports the idea of a soft-landing scenario for many investors, and stocks continue to rally this year. However, some skepticism remains.
On the economic front, retail sales and industrial production data for June were due to be released on Tuesday. Despite a seemingly brighter inflation picture, consumer spending in June was weaker than expected. Advance retail sales showed just a 0.2% increase for the month of May, less than the 0.5% increase that economists had predicted. When excluding autos, the increase was also 0.2%, below the 0.3% estimate.
Tuesday Economic Events:
Retail Sales 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
Industrial Production 9:15am ET
Business Inventories 10:00am ET
Housing Market Index 10:00 am ET
API Crude Oil Data 4:30pm 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.
