S&P 500 (SPY) Report – 07/27/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Stock futures trade higher Thursday after the Dow Jones Industrial Average achieved its best winning streak since 1987. The stock market continues its bullish momentum, with significant earnings releases from Big Tech companies and a quarter-point hike from the Federal Reserve. Chair Jerome Powell’s remarks suggested that the central bank may hold rates steady at these levels and maintain a data-dependent approach. The Federal Reserve will meet again in September after reviewing new inflation and employment data.
Wharton School’s Jeremy Siegel expressed positive sentiments about the market’s performance, noting that the previously concerning high interest rates seem to have a lesser negative impact now, and Powell’s approach to consider both sides of the equation is viewed positively by investors.
Furthermore, the latest GDP report comes in better than expected for the second quarter. The U.S. economy grew by 2.4% in the second quarter, beating expectations. Economists polled by Dow Jones expected the economy grew by 2% in the second quarter. This is the latest piece of data pointing toward a resilient economy, not one going into a recession.
Thursday Economic Events:
Durable Goods Orders 8:30am ET
GDP 8:30am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
Wholesale Inventories 8:30am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET
KC Mfg Index 11:00am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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