S&P 500 (SPY) Report – 10/18/23
Good morning traders!
The S&P 500 ($SPY) is trading below yesterday’s close. Let’s get into it…
US stock futures experienced slight drops this morning as this downward trend was influenced by the U.S. government’s tightened restrictions on AI chip exports to China, along with tensions in the Middle East. Despite the descent, stocks have made a commendable recovery by the day’s end. Small-cap stocks, in particular, demonstrated strength even in the face of climbing Treasury yields.
Major players in the stock market like Tesla and Nvidia are gaining considerable attention. Tesla’s forthcoming earnings report, set to be released today, is highly anticipated by investors, who are eager to discern potential growth avenues for the electric vehicle giant. Meanwhile, Nvidia’s nearly 2% stock drop further compounded its prior day’s losses, drawing eyes to its future performance. Later in the week, the focus will shift to Lam Research, particularly in light of its key customer, Taiwan Semiconductor. Furthermore, several big-name companies, including J.B. Hunt Transport Services and Morgan Stanley, experienced stock drops in response to their earnings or guidance reports. In contrast, Procter & Gamble enjoyed a slight stock appreciation post-earnings announcement.
Industrial production also held steady, slightly outpacing predictions at 4.5%. In global events, the bond market saw the 10-year Treasury bond yield dip to 4.83%, while crude oil futures surged by 2%, spurred by Iran’s proposition of an Israel embargo. Concurrently, during President Biden’s Tel Aviv visit, he indicated Israel’s non-involvement in a recent explosion near a Gaza hospital. The stock market’s resilience, underscored by the robust performance of small caps, serves as a beacon for investors navigating through the myriad of earnings reports and economic figures.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Housing Starts and Permits 8:30am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
20 Yr Bond Auction 1:00pm ET
Beige Book 2:00pm ET
Treasury International Capital 4:00pm ET
Fed Speaker Scheduled:
Christopher Waller 12:00pm ET
John Williams 12:30pm ET
Michelle Bowman 1:00pm ET
Patrick Harker 3:15pm ET
Lisa Cook 6:55pm ET
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