S&P 500 (SPY) Report – 08/28/23

Good morning traders!

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

As the final trading week of August begins, U.S. stock futures kick off with subtle gains. Last week, Federal Reserve Chair Jerome Powell addressed the Jackson Hole conference, generating a favorable response in the stock market. Powell’s speech during the conference recognized continued economic growth and robust consumer spending. While indicating preparedness for additional rate hikes if necessary, Powell underlined the importance of exercising caution and sustaining a restrictive policy approach until lasting progress in inflation is evident.

As this month’s final trading week begins, major indices are poised to close the month with losses. Since the month’s start, the Dow and S&P have declined by 3.4% and 4% respectively, and the Nasdaq has seen a decrease of around 5.3%. Upcoming economic indicators include the Federal Reserve’s preferred inflation gauge, the personal consumption expenditure index, scheduled for Thursday, and a new non-farm payroll report on Friday.

Monday Economic Events:
Dallas Fed Mfg Business Index 10:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

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