S&P 500 (SPY) Report – 09/22/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Stock futures trade higher this morning, with both S&P 500 and Nasdaq futures also showing modest gains. This comes after the stock market faced significant losses on Thursday, largely influenced by the surge in 10-year Treasury yields following the Federal Reserve meeting. The S&P 500 dropped below its August lows, with both the Nasdaq and Dow Jones nearing similar levels. Key stocks, including Nvidia, Celsius Holdings, Adobe, Uber Technologies, and Amazon.com, faced downward pressure, with many falling below their 50-day averages.
Prominent stocks like Tesla and Meta Platforms are showing resilience amidst the market turbulence. Tesla, despite losing some recent gains, maintains crucial support and is establishing a new buy point. Similarly, Meta Platforms has identified a new, lower entry point. Other stocks, including General Electric, Lululemon Athletica, and Costco Wholesale, are currently holding steady, though the market’s future remains uncertain.
In other financial news, crude oil prices rose by 1%, surpassing $90 a barrel. The 10-year Treasury yield slightly decreased to 4.47%. The Bank of Japan, in its recent move, decided to maintain its monetary policy, despite speculations about potential changes under the new BoJ governor. Investors are reminded that overnight shifts in futures might not directly reflect the outcomes in the subsequent regular stock market session.
Friday Economic Events:
PMI Composite Flash 9:45am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Lisa Cook 9:50am ET
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