S&P 500 (SPY) Report – 11/30/23
Good morning, traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
U.S. stock futures trade higher ahead of the market opening on Thursday, setting the stage for their best month of the year. This surge in stocks, including the Dow Jones Industrial Average, S&P 500, and Nasdaq 100, is driven by investor optimism about potential interest rate cuts. These expectations were further fueled by the latest Personal Consumption Expenditures (PCE) index data, which matched forecasts and suggested that the Federal Reserve might stop hiking interest rates.
In Europe, a surprising drop in November inflation challenged the European Central Bank’s view on persistent inflation. Meanwhile, oil prices continued to rise amid the OPEC+ meeting, where member countries discussed policy adjustments in response to calls for more supply cuts. This meeting and the potential agreement significantly influenced global oil markets, with West Texas Intermediate and Brent crude futures both experiencing increases.
In the U.S., the Commerce Department reported that personal income rose slightly in October, aligning with predictions. The PCE price index remained steady for the month, and its annual increase was slightly below expectations. Additionally, core PCE, which excludes food and energy, met estimates with its monthly and annual rise. Jobless claims also saw a slight increase, indicating shifts in the employment landscape.
In the corporate world, Tesla is drawing attention with its Cybertruck delivery event, which could reveal significant information about the vehicle’s demand and profitability. At the same time, Salesforce experienced a notable jump in its stock price following strong earnings results. As these developments unfold, investors are closely watching market indicators like the yield on the 10-year U.S. Treasury bond and ETF movements, which provide insights into broader economic trends and investor sentiments.
Thursday Economic Events:
Jobless Claims 8:30am ET – High Volatility Expected
Personal Income and Outlays 8:30am ET – High Volatility Expected
Chicago PMI 9:45am ET
Pending Home Sales Index 10:00am ET – High Volatility Expected
EIA natural Gas Report 10:30am ET
Farm Prices 3:00pm ET
Fed Speaker Scheduled:
John Williams 9:05am ET
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