Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
US stock futures trade higher this morning, as investors and traders are closely monitoring the actions of the Federal Reserve. There’s a sense of uncertainty in the air, as Federal Reserve officials have given mixed signals about the direction of monetary policy. While some investors had believed the Fed would stop increasing rates, the varied opinions from central bank officials have cast doubt on that assumption. All eyes are on Fed Chair Jerome Powell’s upcoming speech for any indications of possible rate cuts, following his recent non-committal stance on the matter.
As the earnings season approaches its end, the spotlight falls on the latest corporate earnings reports. Disney shares have climbed after the company surpassed earnings expectations and reached a preliminary agreement with striking actors. On the other hand, Arm’s shares took a hit following its initial post-IPO report and the significant quarterly loss announced by its investor, SoftBank.
The stability of unemployment claims, which have not increased as predicted, provides a snapshot of the job market’s health. In the commodity sector, oil prices have made a modest recovery after a recent drop. Later in the day, attention will shift to Jerome Powell’s discussion at an IMF conference, where he will participate in a panel on monetary policy challenges, a topic with significant implications for the global economy.
Thursday Economic Events:
Initial Jobless Claims 8:30am ET – High Volatility Expected
EIA Natural Gas Report (Delay) 10:30am ET
30 YR Bond Auction 1:00pm ET
Fed Balance Sheet 4:30pm ET
Fed Speaker Scheduled:
Raphael Bostic 9:30am ET
Thomas Barkin 11:00am ET
Jerome Powell 2:00pm ET – High Volatility Expected
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