S&P 500 (SPY) Report – 08/18/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
Stock futures decline on Friday following a three-day drop in major stock market averages. This week signaled challenges for the Dow, potentially being its worst week since March with a 2.29% drop by Thursday. The S&P 500 was headed for its third consecutive week of losses, a trend not seen since February, and the Nasdaq Composite faced its first three-week losing streak since December. Moreover, Dow Transports and Russell 2000 were on track for their poorest performance weeks since March.
During this time of market movement, companies also released earnings reports. Applied Materials saw its shares rise by nearly 3% during extended trading after surpassing analysts’ expectations in both revenue and profit. Ross Stores also saw a 5% increase after exceeding second-quarter forecasts. Additionally, Palo Alto Networks was set to release its earnings report after the market closed on Friday.
Amidst these developments, concerns arise regarding the market’s direction. The Dow closed below its 50-day moving average for the first time since June 1, signaling a bearish outlook for investors. Adding to the market complexities, the 10-year U.S. Treasury yield reached its highest point since October 2022, attributed to July’s Federal Reserve meeting minutes that hinted at potential interest rate hikes due to ongoing inflation concerns. The unsettling rate movement drew commentary from experts, such as Guy Adami of Private Advisor Group, who expressed apprehension about the global implications of the rapid yield changes on equity markets.
Friday Economic Events:
Quarterly Services Survey 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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