S&P 500 (SPY) Report – 07/31/23
Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
Stock futures remained steady on Monday as investors anticipate earnings reports from two major tech companies, Apple and Amazon, and the July jobs report due later this week. Last week, the market saw gains after a decrease in the Federal Reserve’s preferred inflation measure, which raised hopes for a slowdown in interest rate hikes. If this trend continues, the S&P 500 and Nasdaq Composite could see their fifth consecutive monthly win. Investors are particularly interested in what Apple will reveal about its Vision Pro headset and what Facebook’s parent company, Meta, will disclose about its cloud business. The upcoming nonfarm-payrolls report is expected to show a steady, resilient job growth, which boosts optimism that the Fed can reduce inflation to its target without causing a recession.
Monday Economic Events:
Chicago PMI 9:45am ET
Dallas Fed Mfg Survey 10:30am ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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