S&P 500 (SPY) Report – 07/21/23

Good morning traders and happy Friday! 

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

U.S. stock futures saw a slight increase Friday morning, after the market had a mixed performance on Thursday. The Dow Jones continued higher for the ninth consecutive session, while the Nasdaq experienced its largest loss in over four months. Notable declines yesterday were seen in Tesla and Netflix, with Taiwan Semiconductor’s guidance impacting the broader chip sector.

Despite recent losses, the Nasdaq chart remains strong, and a small pullback could be beneficial. Tesla stock may be getting a necessary break, while Taiwan Semiconductor stock is testing key support again. Netflix stock saw a significant 8.4% drop, but the weekly loss is not substantial.

Early today, oil services giant SLB reported Q2 EPS that slightly exceeded views, but revenue slightly missed, causing SLB stock to fall modestly in premarket trade. Dow Jones giant American Express also topped on earnings but fell short on sales, leading to a modest decline in AXP stock before the open.

Friday Economic Events:
Baker Hughes Rig Count 1:00pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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