S&P 500 (SPY) Report – 09/13/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Stock futures trade near yesterday’s close this morning as investors await the release of crucial consumer inflation data that could influence the Federal Reserve’s upcoming policy decision. This morning, August’s Consumer Price Index (CPI) report revealed a larger-than-expected increase in inflation, with prices surging 0.6% month-on-month and 3.7% on an annual basis. This surge was primarily driven by the recent uptick in energy prices. This data serves as the last inflation print the Fed will receive before its meeting next week, making it a critical factor in the central bank’s decision on whether to maintain higher interest rates.
In the news, Apple is another center of attention, following the launch of its iPhone 15 and concerns raised by China about “security incidents” related to the smartphone. Despite Chinese officials denying any restrictions on iPhones in government departments and state-owned companies, these reports have impacted Apple’s stock. Additionally, the European Union has initiated an investigation into China’s subsidies for its electric vehicle (EV) manufacturers, sparking fears of a potential Chinese response, which initially boosted European auto sector stocks but subsequently led to losses.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
CPI 8:30am ET – High Volatility Expected
EIA petroleum Report 10:30am ET
Treasury Statement 2:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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