S&P 500 (SPY) Report – 09/28/23

Good morning traders!

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

US stock futures experienced a slight increase as investors brace themselves for the concluding trading days of this month and quarter that are set to be weak.  As the week heads to a close, marking the end of a tough trading month and quarter, investors are shifting their focus towards key economic data releases. 

Reports on jobless claims, home sales, and GDP are reporting today, followed by the personal consumption expenditures price index reading on Friday, which is a significant inflation metric for the Federal Reserve. Moreover, ongoing negotiations in Washington regarding a U.S. spending bill are being closely monitored as they hold the potential to impact the market, given the looming threat of a government shutdown if an agreement isn’t reached by the weekend.

In corporate news, Micron Technology’s shares fell by over 4% due to its disappointing earnings forecast for the current quarter. On the flip side, Peloton Interactive’s stock soared by over 13% following the announcement of a five-year content creation partnership with Lululemon. These movements came after a mixed performance session on Wall Street where the S&P 500 and Nasdaq Composite experienced slight gains, whereas the Dow ended with a small loss. The 10-year Treasury yield’s rise played a part in the equity market’s response, adding another layer of pressure.

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Corporate Profits 8:30am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET
KC Mfg Index 11:00am ET

Fed Speaker Scheduled:
Austan Goolsbee 9:00am ET
Lisa Cook 1:00pm ET
Jerome Powell 4:00pm ET – High Volatility Expected
Thomas Barkin 7:00pm ET

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