S&P 500 (SPY) Report – 07/24/23

Good morning traders! 

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

The S&P 500 futures rose slightly on Monday as investors awaited important earnings reports and a significant policy decision from the Federal Reserve. Last week, the Dow Jones Industrial Average recorded gains for ten consecutive days, the longest rally since 2017, with a 2.51-point increase on Friday. The S&P 500 ended the week up 0.7%, while the Nasdaq Composite fell 0.6%.

Investors are concerned that this busy week may test the recent stock market rally. The Federal Reserve’s meeting is anticipated to result in a quarter percentage point rate increase, and investors will be closely monitoring Chair Jerome Powell’s comments for insights into the central bank’s future plans and its approach to the economy’s soft landing.

Additionally, the upcoming week will see a flurry of earnings reports, with Thursday being particularly intense. Approximately 40% of the Dow and 30% of the S&P 500 companies will provide their financial updates, including notable firms such as Alphabet, Microsoft, Meta, big pharma companies, and major players in the industrial and oil sectors.

Traders will also keep an eye on the personal consumption expenditures index, the Fed’s preferred inflation gauge, scheduled for release at the end of the week.

Monday Economic Events:
Chicago Fed National Index 8:30am ET
PMI Composite Flash 9:45am 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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