S&P 500 (SPY) Report – 08/22/23

Good morning traders!

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

US stock futures rose Tuesday’s morning after notable gains from Nvidia and Tesla on Monday, bolstering the ongoing attempt at a new stock market rally. In the coming week, investors are eagerly awaiting insights into monetary policy from Fed Chair Powell’s annual speech at the Economic Symposium in Jackson Hole, Wyoming, scheduled for Friday. The week is also marked by a flurry of retail earnings reports from companies like Dick’s Sporting Goods, Kohl’s, and Macy’s, offering updates on consumer spending trends during the back-to-school shopping period.

Notably, Nvidia’s stock surged by 8.5% after HSBC and KeyBanc raised their price targets ahead of the company’s late-Wednesday earnings announcement. HSBC lifted its target from 600 to 780, while KeyBanc increased theirs from 550 to 620. Meanwhile, Tesla surged 7.3%, with other tech giants Apple and Microsoft also seeing gains. Other notable stocks we recommend to watch amid the ongoing market correction include Costco Wholesale, Lululemon, Arista Networks, Oracle, as well as Dow Jones companies Boeing and Visa.

Tuesday Economic Events:
Redbook Sales 8:55am ET
Existing Home Sales 10:00am ET – High Volatility Expected
Richmond Fed Mfg Index 10:00am ET
Money Supply 1:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Tom Barkin 7:30am ET
Michelle Bowman 2:30pm ET
Austan Goolsbee 2:30pm ET
Austan Goolsbee 3:30pm ET

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