S&P 500 (SPY) Report – 08/07/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Stock futures increased on Monday in anticipation of more corporate earnings reports and crucial inflation data. The current corporate earnings season has been generally positive, with 84% of S&P 500 companies reporting better than expected results. Investors are also looking forward to July’s consumer and producer price index data this week due to its link with inflation and economic health.
There’s heightened interest in these indexes given the Federal Reserve’s ongoing rate changes. Last week’s job numbers were lower than expected, leading to speculation about the Fed’s next move .Although hiring was weaker than anticipated, worker wages increased more than expected. This might prompt the U.S. Federal Reserve to raise interest rates again, as strong wage growth could push prices up. The central bank has been increasing interest rates to control inflation levels unseen since the early 1980s.
On the earnings front, big tech companies like Amazon and Apple, reported strong profits, surpassing analyst expectations. Meanwhile, Tyson Foods announced a $417 million quarterly loss and plans to close four plants. They previously downsized significantly due to inflation challenges. Several major companies, including Disney, Lyft, UPS, and Wendy’s, will reveal their earnings this week.
Monday Economic Events:
Consumer Credit 3:00pm ET
Fed Speaker Scheduled:
Michelle Bowman 8:30am ET
Raphael Bostic 8:30am ET
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.
