S&P 500 (SPY) Report – 10/13/23
Good morning traders!
The S&P 500 ($SPY) is trading slightly above yesterday’s close. Let’s get into it…
Stock futures trade slightly higher as traders drive into the earnings reports of major banks, marking the beginning of the third-quarter earnings season for big financial players. Notably, JPMorgan Chase and Wells Fargo were among the first to share their figures. JPMorgan Chase experienced a 1.1% increase in share value following a report of profits and revenues that exceeded the market’s expectations. Similarly, Wells Fargo’s shares went up by 2.2% in pre-market trading as its earnings and revenue also surpassed Wall Street’s expectations.
Another major bank, Citigroup, also witnessed a 3% rise in share prices after reporting revenues higher than what was expected, driven by robust growth in both institutional clients and personal banking sectors. However, amidst these positive financial disclosures, investors’ concerns have slightly shifted towards the ongoing Israel-Hamas conflict and its potential to disrupt global oil supplies and prices. Despite these fears, Nancy Tengler, the Chief Investment Officer at Laffer Tengler Investments, opines that the worries might be somewhat unwarranted, anticipating that many companies’ earnings could surprise investors positively.
Moreover, Tengler foresees a potential stock market rally towards the end of the year, particularly driven by the technology and industrial sectors. This optimism is compared against a backdrop of traders awaiting preliminary consumer sentiment data, which was set to be released today. The anticipation around consumer sentiment data comes in the wake of Thursday’s market session where all three major indexes – the Dow, S&P 500, and the tech-heavy Nasdaq Composite – closed in the red. This downward trend was partly a reaction to a persistent inflation scenario underscored by a recent consumer price index report.
Despite the downturn experienced on Thursday, the larger picture reveals a somewhat upbeat market performance on a weekly basis. Both the S&P 500 and the Dow are on track for weekly gains, with a notable performance by the Nasdaq Composite, which is set to mark its third consecutive week of positive returns. This trend shows a rebound from the Dow’s previous three straight weeks of declines, painting a mixed but somewhat hopeful picture of the market’s resilience amidst varying economic indicators and global events.
Friday Economic Events:
Import and Export Prices 8:30am ET
Consumer Sentiment 10:00am ET
Michigan Inflation Expectations 10:00am ET
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Patrick Harker 9:00Am ET
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