U.S. Markets: A Soft Start Amid Economic Data Deluge | June 15, 2023

Stock index futures are signaling a softer opening today as market participants grapple with the implications of the Federal Reserve's decision to hit pause on rate hikes for the first time in 15 months, amid more aggressive projections in their dot plot. The S&P, Dow, and Nasdaq futures are all trending lower, following some initial uncertainty post the Fed's announcement. However, it's worth noting that the S&P secured a minor increase on Wednesday, marking a five-day winning streak, a first since November 2021. Meanwhile, yields are seeing a slight uptick, with the 10-year Treasury yield and the 2-year yield both rising by 2 basis points.

Today's economic calendar is packed with numerous indicators set for release. First up are the weekly jobless claims figures, with predictions pointing towards a drop to 250K after the spike witnessed last week. Concurrently, May's retail sales figures and the Philly Fed manufacturing index will be unveiled, with a modest 0.1% drop projected in retail sales, counterbalanced by a 0.1% rise in core sales, and the Philly Fed index expected to recede to -13.5. Additional data including import and export prices, the Empire State manufacturing index, and figures on industrial production and capacity utilization are also due for release. #SPX #NDX #DJI #MarketUpdate