Good morning traders!
The S&P 500 ($SPY) is trading slightly above yesterday’s close. Let’s get into it…
Stock futures signaled a mostly higher start for the stock market today. This was driven by investors keeping a close eye on U.S. efforts to manage the Israel-Hamas conflict and anticipating a busy week of corporate earnings reports.
Earnings season is in full swing, with reports from major companies like Goldman Sachs and Bank of America scheduled for Tuesday. Tesla and Netflix were set to report earnings on Wednesday, with the technology sector’s performance under scrutiny amid rising interest rates. JPMorgan’s CEO, Jamie Dimon, had warned of global risks, describing the current period as potentially one of the most dangerous in decades.
Investors are closely monitoring the Middle East crisis and its potential to draw in other countries, particularly Iran. A full-scale regional conflict could lead to a significant surge in oil prices, risking a global recession. Despite concerns over volatility related to rising yields, oil prices, and inflation, some analysts believed that a focus on earnings and Federal Reserve policy could provide short-term optimism for the markets.
In the background, events in the Middle East, including Israel’s military actions and U.S. efforts to provide military aid, continued to affect market sentiment. The previous week had seen mixed market performance, with the S&P 500 and Dow Jones Industrial Average showing gains, while the Nasdaq Composite experienced a slight decline, and all eyes remained on the evolving situation both abroad and on Wall Street.
Monday Economic Events:
Empire State Mfg Index 8:30am ET
3 and 6 month Bill Auction 11:30am ET
Fed Speaker Scheduled:
Patrick Harker 10:30am ET
Patrick Harker 4:30pm ET
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