S&P 500 (SPY) Report – 08/24/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
S&P stock futures traded higher this morning, largely driven by the impressive second-quarter results from chipmaker Nvidia. This surge in Nvidia’s performance has further heightened the enthusiasm surrounding artificial intelligence in the investment community.
The ripple effects of Nvidia’s success were felt across the tech sector. Other chip manufacturers, including Taiwan Semiconductor, AMD, and Marvell Technology, saw their shares rise by 3.1%, 2.3%, and 4.6% respectively. Dan Ives, a senior equity research analyst at Wedbush Securities, emphasized the significance of Nvidia’s results, suggesting they serve as a reliable indicator of AI demand. Meanwhile, the investment world is keenly awaiting insights from Federal Reserve Chair Jerome Powell, hoping for clarity on the future direction of benchmark interest rates.
Furthermore, the Labor Department reported an unexpected decrease in initial jobless claims. First-time unemployment claims surprisingly fell to 230,000, compared to the previous week’s 239,000, defying expectations which had predicted a rise to 241,000. Concurrently, the Commerce Department reported a steeper-than-anticipated drop in durable goods orders for August, with a decline of 5.2% as opposed to the projected 4% decrease.
Thursday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Chicago Fed Activity Index 8:30am ET
EIA Natural Gas Report 10:30am ET
KC Fed Mfg Index 11:00am ET
Fed Speaker Scheduled:
Patrick Harker 10:00am ET
Susan Collins 11:15am ET
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