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In the days leading up to the annual Jackson Hole Economic Policy Symposium, all eyes were firmly on Federal Reserve Chair Jerome Powell and his speech on Friday, Aug. 22.
The S&P 500 ended its five-day losing streak on Friday, posting its largest daily gain in nearly three months after the Jackson Hole rally. The index finished the week up 0.3%, its fifth weekly gain in the past six weeks.
Major U.S. equities indexes surged to close out the week as Federal Reserve Chair Jerome Powell said the central bank could begin trimming interest rates as soon as next month.
Over the next few weeks, we expect a rally to ideally, and at least, 6560, from where a correction to 6335-6190 can materialize, followed by another rally to 6800.
Markets celebrate Powell's Jackson Hole commentary; Danielle DiMartino Booth thinks he's a little too late. Bond yields are falling, declining long-term yields often signal recession, and the easing cycle could deepen economic risks.
Jerome Powell signals Fed easing cycle, but caution is warranted given the labor market's rapid weakening and persistent inflation. Retail earnings highlight margin pressures from tariffs, with Walmart and Home Depot both warning of price hikes to offset rising costs.
Investors will be listening closely to hear if the deliberate and methodical Powell will be leaning toward a 25-basis-point (bps) interest rate cut.
The three major US indices continue to wait for the Jackson Hole speech by Jerome Powell on Friday, to get a feel for where the monetary policy of the Federal Reserve is heading.
Strategy now meets all of the technical requirements for inclusion in the S&P 500, following new accounting rules that allow the recognition of Bitcoin appreciation in the income statement. A possible announcement could come in late August or early September. If approved, more than $7.7 billion in inflows would go into the company, representing 8.5% of its float-adjusted market cap. Coincidentally, another $7.7 billion of MSTR stock is held short; covering could provide an additional tailwind that will amplify the impact of the index fund inflows.
U.S. stock futures rose on Friday following Thursday's declines. Futures of major benchmark indices were higher.