Risk-on mood pushes the S&P 0.88% higher

Published: May 26 2023, 06:51 GMT+0

Risk-on mood pushes the S&P 0.88% higher

A quick look at yesterday: S&P 500 closed yesterday at 4,151.28 (with a daily low of 4,129.73) after ending Wednesday at 4,115.24 and gaining 0.88%.

Uptick comes while some more positive signs for the S&P 500 are out as data for United States GDP released yesterday at 12:30 UTC is better than expected with 1.3, but worse than previous figure of 2.6. United States Initial Jobless Claims released yesterday at 12:30 UTC is better than expected at 229,000 but down from preceding data of 225,000 according to new data.

On the flip side, United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release of 0%.

The S&P shows positive signs, other assets are also on par: Nasdaq added 1.71% and closed around 12,500 yesterday.

At the same time, Hang Seng dips 1.93% yesterday and closed at 19,100. FTSE stumbles 0.74% yesterday and closed at 7,627.

Also worthy of note, as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0%, following on from the preceding figure of 0.3%. New data is set to be published today at 12:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Apr) will be released today at 12:30 UTC.

The index has been trending positively for about 2 months. This year has been a bright one for the S&P after trading as low as 3,577 and going on to appreciate by 9.82% year to date.