S&P 500 (SPY) Report – 09/18/23
Good morning traders!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
Stock futures trade slightly below Friday’s close this morning, ahead of the Federal Reserve’s upcoming policy meeting starting Wednesday. Last week, the market experienced gains due to positive economic indicators leading up to the Federal Reserve’s two-day meeting. Both this meeting and Japan’s central bank gathering are the primary events investors are watching this week.
The focus of many investors will be on the Federal Reserve’s decisions. Throughout 2022 and 2023, the U.S. central bank had been raising rates to control inflation. However, they maintained the interest rate during their previous meeting. With inflation gradually approaching its 2% target, the general expectation among traders is that the Fed will keep the interest rates unchanged in the upcoming meeting and possibly for the remainder of the year. The Fed has expressed its readiness to adjust rates if required to manage inflation.
In corporate developments, Clorox shares saw a decline of over 2% due to a cyber attack that affected its IT infrastructure, leading to operational disruptions. The company, known for its household cleaning products, anticipates resuming automated order processing by next week. However, this setback is expected to negatively impact its Q1 financial results. Additionally, shares of Ford, General Motors, and Stellantis dipped as the United Auto Workers strike moved into its fourth day.
Monday Economic Events:
Housing Market Index 10:00am ET
Treasury International Capital 4:00pm ET
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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