S&P 500 (SPY) Report – 11/14/23
Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
US stock futures experienced a significant rally this morning, boosted by new inflation data that was more favorable than anticipated. Major indices like the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 all saw notable gains. The Dow Jones rose by over 450 points, marking an increase of approximately 1.3%. The Nasdaq, known for its tech-centric portfolio, jumped by around 2%, while the S&P 500, a broader market indicator, increased by about 1.8%.
The Russell 2000 Index, which tracks smaller companies, also witnessed a substantial surge, marking its best performance in a year. This uptick in smaller companies’ stocks indicates a broader market optimism. In the bond market, the yields on 10-year and 30-year Treasury bonds fell significantly. The 10-year Treasury yield dropped by 17 basis points to around 4.46%, and the 30-year yield decreased by about 11 basis points to 4.63%.
On the corporate front, Home Depot reported its quarterly results, revealing a smaller decline in same-store sales than expected. This news precedes upcoming reports from other major retailers like Target and Walmart. Despite resilient consumer spending amidst higher borrowing costs, this trend hasn’t broadly boosted retail stocks. The market is closely monitoring these developments, as they provide insights into consumer behavior and economic health.
Internationally, the market is also attentive to the developments at the APEC summit in San Francisco. A key focus is the meeting between US President Joe Biden and Chinese President Xi Jinping. They are expected to discuss several issues, including an agreement for China to intensify its efforts against the manufacture and export of fentanyl. Such international meetings can have significant implications for the market, influencing investor sentiment and future economic policies.
Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
Redbook Sales 8:55am ET
CPI 8:30am ET – High Volatility Expected
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Phillip Jefferson 5:30am ET
Michael Barr 10:00am ET
Loretta Mester 11:00am ET
Austan Goolsbee 12:45pm ET
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