Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Today traders and investors are waiting to see if the stock market rally will continue, as they analyze early earnings reports and anticipate upcoming results from Netflix and Tesla. The second-quarter earnings season began positively, with strong reports from major Wall Street firms. Goldman Sachs reported a significant drop in profit, causing its shares to fall over 1% in premarket trading. Investors are now looking forward to the results from Netflix and Tesla, two tech giants that have fueled the recent stock rally. The positive earnings reports are raising hopes that the US economy will avoid a recession. This optimism has been growing since last week’s report showed a decrease in inflation.
This morning, new reports showed housing starts fell by 8% and building permits decreased by 3.7%, as the industry struggles to meet demand. The total adjusted starts of 1.44 million were below the expected 1.48 million. The drop was less than the predicted 9.3% fall from May’s numbers, which were significantly revised downwards. The decline in permits was also larger than the anticipated 0.7%.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Housing Starts and Permits 8:30am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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