S&P 500 (SPY) Report – 11/21/23

Good morning traders!

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

Stock futures dip this morning, interrupting the positive trend of  November. This shift in the market’s direction is partly due to anticipation of Nvidia’s earnings report and the Federal Reserve’s upcoming meeting minutes. Nvidia, a major player in the AI chip market, has been central to the 2023 AI narrative, with its stock reaching record highs. Investors are keenly awaiting Nvidia’s report for insights into the AI industry’s fundamentals.

Microsoft CEO hinted at potential collaboration with Sam Altman, the former CEO of OpenAI, the company’s stock showed positive movement. This partnership is viewed as a strategic move by Microsoft to strengthen its position in the AI sector. Additionally, there’s speculation about how Microsoft’s AI initiatives might benefit from any potential movement of talent from OpenAI.

Investors are also focused on the Federal Reserve, particularly the minutes from its latest rate-setting meeting. These documents are crucial for understanding the Fed’s perspective on economic conditions, including inflation and interest rates. Treasury Secretary Yellen’s recent comments highlighted progress in controlling inflation, yet acknowledged ongoing challenges, especially with food prices. Her remarks underscore the delicate balance the economy faces between managing inflation and sustaining growth.

In other news, Amazon is launching an ambitious AI training program, recognizing AI’s transformative potential and the need for a skilled workforce. Meanwhile, Apple faces a class action lawsuit over its mobile wallet practices, accused of anti-competitive behavior. In labor news, Amazon drivers in Chicago have gone on strike, protesting unfair labor practices. Finally, Tesla has increased the price of its Model Y vehicle in China, reflecting ongoing adjustments in the global automotive market. Microsoft’s CEO, Satya Nadella, has emphasized a proactive approach to AI governance, highlighting the importance of addressing both the benefits and potential challenges of new technology.

Tuesday Economic Events:
Chicago Fed Activity Index 8:30am ET
Redbook Sales 8:55am ET
Existing Home Sales 10:00am ET – High Volatility Expected
2-YR FRN Note Auction 11:30am ET
10-YR TIPS Auction 1:00pm ET
FOMC Minutes 2:00pm ET
API Crude Oil Data 4:30pm ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

Stock Market Holidays:
Thanksgiving Day- November 23, 2023 – Closed
Early Close – November 24, 2023 – 1:00 p.m.

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