S&P 500 (SPY) Report – 08/04/23
Good morning traders and happy Friday!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures remained steady on Friday morning as Wall Street evaluated the latest technology company earnings ahead of the major employment report. Futures linked to the tech-heavy index and S&P 500 stayed nearly flat, while the Dow Jones Industrial Average dipped slightly. Big-name tech companies saw movement in their stocks, with Amazon surging over 8% following positive reports, and Apple dropping 2.3% after revenue fell short of the previous year.
The earnings season has shown favorable results, with approximately 79% of S&P 500 companies surpassing Wall Street’s expectations. Emmanual Cau of Barclays emphasized the resilience in Q2 earnings and the current focus on capital returns and expenditure, despite concerns about the economy. Investors are keenly observing the rates volatility as it appears to be back in control. Additionally, traders are looking forward to the jobs data released today to gain insight into the labor market and economy, with hopes that slowed growth in hourly earnings might indicate that previous interest rate hikes have had their desired effect on the economy.
Economists are expecting growth in nonfarm payrolls and a steady unemployment rate of 3.6%, with average hourly wages predicted to increase both monthly and annually. A rise in the 10-year U.S. Treasury yield has affected stocks, causing all three major indexes to be on track to end the week lower.
Friday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.
