S&P 500 (SPY) Report – 08/03/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures trade lower this morning, following the trend of the previous day’s selloff due to Fitch’s U.S. downgrade. Investors also considered the latest quarterly results. Chipmaker Qualcomm lost 8% after missing analysts’ revenue expectations for the fiscal third quarter and providing weak guidance. DoorDash gained 3.6% after exceeding revenue expectations, while Moderna rose on a positive outlook for its Covid vaccine. Tech giants Apple and Amazon are scheduled to report after the market closes. So far, around 67% of S&P 500 companies have reported their latest quarterly results, with about 81% beating expectations.
On Wednesday, the stock market experienced a selloff, with the Nasdaq Composite dropping 2%, the worst since February, due to a decline in tech stocks and rising bond yields. The S&P 500 and Dow Jones Industrial Average also closed lower. Fitch Ratings downgraded the U.S. long-term foreign currency issuer default rating to AA+ from AAA, citing expected fiscal deterioration and weakening governance over the next three years. This downgrade followed a strong period of gains in the market, particularly in growth stocks. The Bank of England hiked interest rates by 25 basis points on Thursday as part of global central banks’ efforts to control inflation.
Thursday Economic Events:
Challenger Job Cut 7:30am ET
Jobless Claims 8:30am ET – High Volatility Expected
Productivity and Costs 8:30am ET
PMI Composite Final 9:45am ET – High Volatility Expected
Factory Orders 10:00am ET
ISM Services Index 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
Tom Barkin 9:15am ET
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