Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
On August 9, President Joe Biden is anticipated to sign legislation to assist the American semiconductor sector with chip shortages. The bill will assist with chip shortages that have harmed a variety of businesses, including those involving high-tech weaponry, consumer electronics, and vehicles.The package includes a tax credit for investments in chip production as well as more than $52 billion for American companies that make computer chips.
Richmond Federal Reserve Bank Tom Barkin discussed the economy and inflation. “The Fed’s tools work over time, so I expect inflation to come down, but not immediately, not suddenly, and not predictably. I see inflation coming down in three lanes: demand should flatten, supply chains should heal and commodities should settle. The pace of normalization is uncertain, which is understandably unsettling and leads to worries about a recession. We are out of balance today because stimulus-supported excess demand overwhelmed constrained supply. Returning to normal does not require a calamitous decline in activity.”
Potential Intraday Resistance Levels:
8/03/22 Pre-Market High: $416.10
6/02/22 High of Day: $417.44
Potential Intraday Support Levels:
5D EMA (1Y:1D): $409.21
Mid Pivot Point: $412.69
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Thursday Economic Events:
Challenger Job Cut 7:30am ET
Int. Trade in Goods 8:30am ET
Initial Jobless Claims 8:30am ET
EIA Natural Gas Report 10:30am ET
Fed Speaker Scheduled:
Loretta Mester 12:00pm ET
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.