S&P 500 (SPY) Report – 11/08/23

Good morning traders!

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

US stock futures trade flat this morning as markets await comments from Fed Chair Jerome Powell. The market is eager to assess the central bank’s stance on interest-rate hikes, particularly whether the cycle has reached its peak. While some hawkish Fed members have expressed caution, 90% of traders believe there will be no further rate increases this year, and 25% even anticipate a rate cut in March. Investors are keenly anticipating Powell’s address at a conference this morning, hoping for insights into the Fed’s inflation-fighting strategy.

With big-cap technology stocks leading the charge and central bank action remaining muted, analysts predict a favorable market outlook heading into 2024. Ken Mahoney, CEO of Mahoney Asset Management, attributes this optimism to the fact that major tech companies have already reported earnings, reducing uncertainty and paving the way for potential gains.

In premarket trading, shares of electric vehicle maker Rivian surged over 8% following better-than-expected earnings and production guidance. Conversely, Array Technologies tumbled 11.8% after issuing weak full-year guidance for earnings and revenue. Spirit AeroSystems, a Boeing supplier, also declined by 14% following an announcement to raise capital through stock and note offerings. Meanwhile, oil prices slipped on Wednesday, extending their decline from the previous day. Concerns about demand from China and the US weighed on oil prices, which could potentially ease inflationary pressures.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Wholesale Inventories 10:00am ET
EIA Petroleum Report (Delay) 10:30am ET
1 YR Note Auction 1:00pm ET

Fed Speaker Scheduled:
Lisa Cook 5:15am ET
Jerome Powell 9:15am ET – High Volatility Expected
John Williams 1:40pm ET
Michael Barr 2:00pm ET
Phillip Jefferson 4:45pm ET

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