S&P 500 (SPY) Report – 10/26/23

Good morning traders!

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

For today’s financial landscape, we start the day with a significant decline in Nasdaq futures, with Meta’s quarterly results falling below investor expectations. On the other hand, the U.S. GDP has showcased a robust performance, beating expectations and painting a somewhat resilient picture of the economy. The Nasdaq’s downward is entering correction territory with a 10% drop from its peak in July, with the S&P 500 not far behind. Alphabet has also seen a significant drop after its Google Cloud unit failed to meet revenue expectations. These incidents contribute to a bearish atmosphere in the tech industry and highlight challenges that major players are currently facing.

Contrastingly, the U.S. economy seems to be showcasing resilience. The GDP growth rate for the third quarter stands at a strong 4.9%, exceeding Dow Jones’ forecast of 4.7% and surpassing the 2.1% growth in the second quarter. This indicates that despite the Federal Reserve’s efforts to control inflation through monetary policy tightening, the economy is holding up well. However, concerns remain as some economists predict a shallow recession beginning in the fourth quarter, citing the unsustainable pace of growth.

On the geopolitical front, Israeli military actions in Gaza have escalated tensions, with international leaders including U.S. President Joe Biden and Russian President Vladimir Putin actively engaging in discussions to address the situation. The growing disconnect in perceptions of the conflict could potentially fuel further instability, impacting global markets. Investors and traders need to navigate these turbulent waters carefully, keeping a keen eye on upcoming earnings reports and developments on the international stage.

Thursday Economic Events:
Durable Goods Orders 8:30am ET – High Volatility Expected
GDP 8:30am ET – High Volatility Expected
Int. Trade in Goods 8:30am ET
Initial Jobless Claims 8:30am ET – High Volatility Expected
Wholesale Inventories 8:30am ET
Pending Home Sales 10:00am ET – High Volatility Expected
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

 

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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Clickmen Offices
Clickmen Offices
8 months ago

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