S&P 500 (SPY) Report – 08/21/23

Good morning traders!

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

Stock futures showed improvement on Monday as Wall Street aimed to rebound from the previous week of losses. Upcoming earnings reports from major retailers, including Macy’s, Nordstrom, and Kohl’s, are anticipated this week. Additionally, technology companies like Nvidia and Snowflake, which greatly benefit from artificial intelligence, are set to report after Wednesday’s closing bell. Palo Alto Networks surged by 12.7% in premarket trading after exceeding analysts’ estimates in its recent earnings report.

Investors are grappling with a market that faced declines in the past week amidst the traditionally slower summer period. The Nasdaq Composite saw a 2.6% drop, marking its third consecutive weekly decline—a scenario not seen since December. The Dow experienced a 2.2% decline, its poorest performance since March, while the S&P 500 posted a 2.1% decrease, signaling its third successive losing week—a situation that hasn’t occurred since February. Investors contended with higher bond yields and market turbulence due to uncertainties from China, influencing the typically subdued summer market conditions.

Looking ahead, attention is focused on an upcoming address by Federal Reserve Chair Jerome Powell during the central bank’s annual symposium in Jackson Hole, Wyoming, on Friday morning.

Monday Economic Events:
No Important Economic Activity Scheduled

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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