S&P 500 (SPY) Report – 08/01/23

Good morning traders! 

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

Stock futures dip on Tuesday morning as investors brace themselves for the release of two key manufacturing indexes and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS). The PMI Manufacturing Index and the ISM Manufacturing Index are both anticipated to indicate a contraction in the manufacturing sector, reflecting the ongoing challenges faced by this industry. Additionally, the JOLTS report is projected to reveal a minor decline in job openings from May to June, suggesting a slight cooling in the labor market.

In the corporate world, several major companies including Caterpillar, Merck, Pfizer, HSBC, and BP, unveiled their quarterly results early on Tuesday. These reports provide crucial insights into the financial health and performance of these companies, offering a snapshot of the broader economic landscape. Investors are also eagerly awaiting the post-market close earnings reports from Starbucks, Advanced Micro Devices, and Pinterest, which are expected to shed further light on the state of the consumer and tech sectors.

In terms of market movements, contracts on the S&P 500 and Dow industrials have edged lower in recent trading. Despite this, both indexes managed to close at their highest levels since the start of 2022 on Monday, demonstrating the resilience of the market amidst various economic challenges. However, Nasdaq-100 futures experienced a decline, reflecting the mixed sentiments in the market. As the week progresses, investors will be closely monitoring these trends and awaiting Friday’s jobs report, which is predicted to show a steady unemployment rate and a slight decrease in job additions from June

Tuesday Economic Events:
Redbook Sales 8:55am ET
PMI Mfg Index 9:45am ET
Construction Spending 10:00am ET
JOLTS 10:00am ET – High Volatility Expected
ISM Mfg Index 10:00am ET – High Volatility Expected
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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