S&P 500 (SPY) Report – 12/21/23

Good morning, traders!

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

U.S. stock futures are trading higher this morning, following a brief interruption in the recent market rally caused by Wednesday’s sell-off. The S&P 500 fell nearly 1.5%, marking its worst day since September, while the Dow and Nasdaq slipped around 1.3% and 1.5%, respectively. This decline was seen as a pause in the recent market rally, where, from late October to Tuesday, the Dow and S&P 500 both jumped over 15%, and the Nasdaq Composite surged about 19%. Analysts interpret this as a period of market consolidation after a strong performance streak.

Investors are keeping a keen eye on upcoming economic data, such as jobless claims and the third-quarter gross domestic product (GDP), which will provide insights into the state of the economy. Additionally, the personal consumption expenditures price index, a key measure of inflation, is set to be released, and Nike’s earnings report is anticipated after the market closes. These data points and reports are critical for understanding the Federal Reserve’s strategies and the overall economic trajectory, influencing investor decisions and market movements.

Several key companies played a role in this financial landscape. Micron Technology saw a more than 4% increase in its stock value after outperforming Wall Street’s forecasts for the initial months of its fiscal year. Additionally, the company’s future-quarter guidance surpassed analysts’ expectations. Salesforce also experienced a 2% growth following an upgrade from Morgan Stanley. These individual stock performances are significant indicators of broader market trends and investor sentiment.

Thursday Economic Events:
GDP 8:30am ET – High Volatility Expected
Jobless Claims 8:30am ET – High Volatility Expected
Philly Fed Mfg Index 8:30am ET – High Volatility Expected
Corporate Profits 8:30am ET
Leading Indicators 10:00am ET
EIA Natural Gas Report 10:30am ET
KC Fed Mfg Index 11:00am ET

Fed Speaker Scheduled:
No Fed Speakers Scheduled

 

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.

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