S&P 500 (SPY) Report – 10/07/22

Good morning traders! 

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

After the September jobs report was generally in line with forecasts, the markets are mixed this morning on the recent data. According to Benzinga Pro, the U.S. added 263,000 jobs in July, surpassing the 250,000 jobs that the average economist had predicted. The U.S. unemployment rate was 3.5% according to recent Bureau of Labor Statistics data, lower than the 3.7% level experts had predicted. Why this matters, is that the Federal Reserve is closely monitoring the labor market as it works to reduce the highest inflation in more than 40 years. The next Fed rate decision is November 2nd, 2022.

In the news yesterday, Advanced Micro Devices ($AMD) disclosed third-quarter revenue is more than $1 billion below its earlier expectation due to sluggish PC demand. Given that chips are becoming increasingly important to almost everything – from automobiles to smartphones to defense systems – it has a direct impact on the overall economy.

Potential Intraday Resistance Levels:
10/06/22 Market Close: $373.20
EOD VWAP: $374.89

Potential Intraday Support Levels:
Pre-Market Low: $367.70

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Friday Economic Events:
Employment Report 8:30am ET – High Volatility Expected
Wholesale Inventories 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Consumer Credit 3:00pm ET

Fed Speaker Scheduled:
John Williams 10:00am ET
Neel Kashkari 11:00am ET
Raphael Bostic 12:00pm ET

 

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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