Good morning traders!
The S&P 500($SPY) is trading above yesterday’s close. Let’s get into it…
U.S. stock futures are on the rise this morning, ahead of several key economic events scheduled for today. This change came as Treasury yields saw a decrease after significant overnight gains. The political landscape witnessed upheaval as the House voted to remove Speaker Kevin McCarthy, hinting at potential political turbulence ahead.
The stock market faced challenges on Tuesday, with Treasury yields surging due to an unexpected rise in job openings. Influential figures in the investment world, including billionaire Ray Dalio, anticipate that the 10-year Treasury yield might soon reach 5%. This sentiment echoes recent statements from Bill Ackman and Blackrock CEO Larry Fink. Such rapid increases in yields pose risks, as evidenced by the failure of several regional banks earlier this year due to escalating rates.
In a significant political development, the House voted to oust Kevin McCarthy from the Speaker position, marking the first instance of a leader being removed through a no-confidence vote. The decision not to run again was confirmed by McCarthy, with uncertainties looming over the selection of the next Speaker and the potential implications for a government shutdown in mid-November.
The stock market’s performance on Tuesday was less than stellar, with the Dow Jones Industrial Average dropping by 1.3%, reaching a new four-month low. Similarly, the S&P 500 index declined by 1.4%, and the Nasdaq composite reached its lowest closing point in four months.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
ADP Employment Report 8:15am ET – High Volatility Expected
PMI Composite Final 9:45am ET – High Volatility Expected
Factory Orders 10:00am ET
ISM Services Index 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
Fed Speaker Scheduled:
Kathleen O’Neill 10:00am ET
Jeffrey Schmid 10:05am ET
Michelle Bowman 10:25am ET
Austan Goolsbee 10:30am ET
Austan Goolsbee 3:00pm ET
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.