S&P 500 (SPY) Report – 11/22/23

Good morning, traders!

We wish everyone a delightful Thanksgiving celebration tomorrow. For today, the S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…

Stock futures trade higher this morning as investors weigh in on significant developments in the tech and AI sectors. Nvidia ($NVDA), reported impressive earnings that exceeded Wall Street expectations. However, concerns arose due to the impact of US curbs on chip exports to China on Nvidia’s future results. Despite an initial dip in share prices, Nvidia managed to recover, reflecting the ongoing importance of AI technology in the market. Furthermore, Nvidia reported impressive earnings of $4.02 per share and revenue of $18.12 billion, surpassing expectations. However, concerns about export restrictions in 2024 could impact the company’s sales.

The Federal Reserve’s recent minutes revealed that policymakers are committed to keeping current monetary policy in place to reach the central bank’s 2% inflation goal. They emphasized that further tightening of monetary policy would be considered based on incoming data. With the Thanksgiving holiday approaching, market activity is expected to be subdued, along with a shortened session on Friday.

Meanwhile, Microsoft announced a $500 million investment to expand its cloud computing and AI infrastructure in Quebec, underlining its commitment to the province’s digital economy. On the other hand, a court ruling in Germany could potentially cost Intel ($INTC) billions in subsidies for planned chip-making plants, raising concerns about the economic and image damage this could cause. These developments reflect the dynamic nature of the stock market, where technology, AI, and economic factors continue to play significant roles in shaping investor sentiment and market trends.

Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
Durable Goods Orders 8:30am ET – High Volatility Expected
Initial Jobless Claims 8:30am ET – High Volatility Expected
Consumer Sentiment 10:00am ET
Inflation Expectations 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
EIA Natural Gas Report 12:00pm ET
Baker Hughes Rig Count 1:00pm 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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