S&P 500 (SPY) Report – 09/20/23

Good morning traders!

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

US stock futures experienced a slight rise on Wednesday morning, with all eyes on the Federal Reserve meeting. The stock market saw a minor dip on Tuesday, with Treasury yields reaching long-term peaks. However, the S&P 500 and Nasdaq managed to stay above a crucial threshold. Investors are advised to tread carefully regarding new purchases and might consider reducing their exposure.

The Federal Reserve’s two-day meeting is set to conclude on Wednesday, with a significant announcement expected at 2 p.m. ET. While the market largely anticipates no major changes, the Fed will provide new rate-hike projections and economic forecasts. These updates, along with Fed chief Jerome Powell’s press conference, are anticipated to influence stock and bond movements. Despite the market’s expectations of the Fed maintaining its current stance, the institution is likely to continue offloading pandemic-acquired assets, which could lead to an increase in Treasury yields.

In other financial news, the likelihood of a rate hike on November 1 has decreased to below 30% due to recent data suggesting a slowdown in inflation and economic growth. The 10-year Treasury yield has settled at 4.34%, and crude oil futures have seen a minor decline. Additionally, a surprising drop in U.K. inflation in August has made a Bank of England rate hike less certain for Thursday. Investors are reminded that overnight shifts in futures don’t always predict the next day’s stock market performance.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
EIA Petroleum Report 10:30am ET
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Chair Press Conf. 2:30pm ET – High Volatility Expected

Fed Speaker Scheduled:
No Fed Speakers Scheduled

 

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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