S&P 500 (SPY) Report – 09/08/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Stock futures waver this morning, with indications from officials that the Federal Reserve might maintain the current high interest rates. This comes after comments from several Federal Reserve policymakers, suggesting a potential pause in further rate hikes for the year. Bolstering this sentiment, Federal Reserve Bank of New York President, John Williams, commented that the US monetary policy is currently “in a good place”, emphasizing that future decisions will be influenced by economic data.
Inflation still remains a pivotal factor in the Fed’s decision-making process, with rising energy prices causing concern. The onset of a strike at Chevron’s natural gas facilities in Australia, responsible for over 5% of the global LNG supply, has been identified as a significant factor in the surge of European gas futures. This development comes on the heels of a recent spike in oil prices, further intensifying apprehensions about sustained inflationary pressures.
In the news, Apple has been in the spotlight this week following reports of the Chinese government and state companies potentially restricting iPhone usage. This news led to a sharp decline in Apple’s shares, erasing nearly $200 billion from its market value and affecting its Asian suppliers. With the imminent launch of Apple’s new iPhone model, some market analysts remain skeptical about the stock’s immediate future. In contrast, Samsung is gearing up, positioning its new Galaxy foldable smartphones as strong competitors to Apple’s iPhone, aiming to capture a larger market share.
Friday Economic Events:
Wholesale Inventories 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Consumer Credit 3:00pm ET
Fed Speaker Scheduled:
Michael Barr 9:00am ET
Mary Daly 11:00am ET
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