S&P 500 (SPY) Report – 11/07/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Stock futures experienced a mixed day on Tuesday, with stocks showing varied results. The Nasdaq Composite saw a slight increase, maintaining its winning streak, whereas the S&P 500 stayed relatively flat, and the Dow Jones Industrial Average experienced a minor decline. Investors are pondering whether the recent positive momentum, which marked the year’s best rally, can persist. They had previously gained confidence from the belief that the Federal Reserve might pause its interest rate hikes this year.
However, some caution has returned to the market. There’s been talk that the US economy is showing signs of weakness, which could lead the Fed to relax its aggressive measures to combat inflation. Yet, the optimism has been tempered by comments from Minneapolis Fed president Neel Kashkari, suggesting the central bank may still have more to do to keep inflation in check. Investors are keenly awaiting further insights from upcoming talks by the heads of the Kansas City and Dallas Federal Reserve Banks, as well as from Fed Chair Jerome Powell later in the week.
In other financial news, oil prices have dipped below $80 a barrel for the first time in over two months, partly because of these renewed uncertainties about the Federal Reserve’s actions. West Texas Intermediate and Brent crude both fell by about 2.7%. Contributing factors include potential supply cuts by Saudi Arabia and Russia, as well as weaker than expected trade data from China, indicating a slowdown in global demand.
On the corporate front, the office-sharing company WeWork filed for bankruptcy, which has led to a significant decline in its share price. This news is part of a broader narrative in the stock market, which has seen a mix of individual company successes and downturns. Tech stocks, for example, have done well, with major companies like Microsoft, Amazon, and Advanced Micro Devices seeing stock price increases. This is all happening as Wall Street is assessing the ability of the November rally to continue following a rough October and the best performance week of the year for the stock indices.
Monday Economic Events:
Int. Trade in Goods 8:30am ET
Redbook Sales 8:55am ET
Consumer Credit 3:00pm ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Michael Barr 9:15am ET
Christopher Waller 10:00am ET
John Williams 12:00pm ET
Lorie Logan 1:30pm 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.
