S&P 500 (SPY) Report – 09/06/23

Good morning traders!

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

Stock futures appear poised for another decline on Wednesday, primarily driven by inflation worries and skepticism regarding the Federal Reserve’s inclination to reduce interest rates in the near future. These concerns were exacerbated by WTI crude oil reaching its nine-month peak, especially after Saudi Arabia and Russia maintained their output cuts, leading to heightened fears of persistent inflation.

Adding to the market’s apprehension, recent economic data from Europe and China has sparked concerns about decreasing demand, potentially threatening the US economy’s demonstrated resilience. A notable drop in German industrial orders in July has ignited speculations about the possibility of stagflation, a scenario where stagnant economic growth is accompanied by high inflation.

As the financial community anticipates the Federal Reserve’s meeting on September 20, there’s keen interest in the forthcoming PMI data for the US services sector in August. Reports from both ISM and S&P Global will be under the microscope for any indications of inflationary trends. Additionally, the release of the Federal Reserve’s Beige Book will be closely monitored for insights into the economy’s current state.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Int. Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
PMI Composite Final 9:45am ET – High Volatility Expected
ISM Services index 10:00am ET – High Volatility Expected
Beige Book 2:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
Susan Collins 8:30am ET
Lorie Logan 3:00pm ET

 

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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