S&P 500 (SPY) Report – 08/02/23

Good morning traders! 

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

U.S. stock futures decline this morning as Fitch downgraded the U.S. long-term rating and investors analyzed second-quarter earnings.. Fitch lowered the U.S. foreign currency issuer default rating to AA+ from AAA due to expected fiscal deterioration over the next three years.

On the earnings front, Advanced Micro Devices rose 2% on better-than-expected results, while CVS Health lost 2% despite strong earnings due to cost-cutting measures. SolarEdge Technologies tumbled nearly 15% after missing revenue expectations for the second quarter. Earnings season is halfway through, with approximately 82% of S&P 500 companies reporting positive surprises, boosting investor sentiment and supporting the ongoing recovery.

The latest ADP jobs report showed the private sector added 324,000 jobs in July, exceeding economist expectations but marking a decrease from June’s figures. Overall, the stock market had a lackluster start in August, with minor declines in the S&P 500 and Nasdaq Composite and a slight gain in the Dow Jones Industrial Average, which reached its highest level since February 2022 during the session.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
ADP Employment Report 8:15am ET – High Volaility Expected
Treasury Refunding 8:30am ET
EIA Petroleum Report 10:30am ET – High Volaility Expected

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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