S&P 500 (SPY) Report – 08/09/23

Good morning traders!

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

U.S. stock futures show signs of recovery on Wednesday, following a dip in the markets during the previous trading session. These downturns were primarily attributed to Moody’s decision to downgrade several regional banks, leading to concerns among investors regarding the future stability of the markets. In response to the recent market fluctuations, Victoria Greene, the chief investment officer at G Squared Private Wealth, commented on CNBC’s “Closing Bell: Overtime,” suggesting the market is merely “taking a breather” after a significant rally.

Dow Jones, S&P 500, and Nasdaq futures experienced a subtle rise early on Wednesday. The overall market sentiment was affected by notable earnings reports from companies like Super Micro Computer, Celsius Holdings, and Upstart Holdings. Meanwhile, Penn Entertainment and DraftKings observed contrasting movements in their stock values post-market hours. Additionally, several major stocks displayed interesting trends. Eli Lilly and Novo Nordisk saw significant stock surges due to positive drug-related news. On the other hand, major players like Apple, Microsoft, and Tesla experienced a drop below their 50-day lines. As the markets continue to shift, the performance of companies such as Nvidia, especially after the recent announcement of a new AI chip, could be indicative of the broader market direction.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected\

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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