The major indexes are down again as the Nasdaq closed at a two-year low on Wednesday — and more in Tuesday’s stock market recap.
The International Monetary Fund expects global growth to slow to 2.7% in 2023, 0.2% lower than its last forecast in July. It also said that 2023 could feel like a recession for millions of people around the world.
Once again, we have a U.S. market derailed overnight by troubles in the global economy, a pattern I’ve been pointing out for the past few weeks.
We’ll get more information later this week about how the U.S. economy is doing in the form of the Producer Price Index at 8:30 a.m. EDT on Wednesday, and the Consumer Price Index at 8:30 a.m. EDT on Thursday.
These will be the last PPI and CPI reports before the Federal Reserve’s next interest rate meeting on Nov. 2. We’ll want to see these numbers come in lower month over month, which could mean inflation has peaked.
In this morning’s stock market recap video, I’ll discuss why I believe stocks are close to bottoming out… what’s driving the U.S. market lower these past few weeks… how the latest Fed data could show whether inflation has peaked… the major levels on the S&P 500 and small caps we’re watching… the best way to trade this market in the short term… plus what to expect next.
Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!
P.S. Introducing ‘The Ultimate Portfolio’
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P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 29,202.88.
- Futures: 29,214.
- Change: -46.
S&P 500 (mini)
- Close: 3,612.39.
- Futures: 3,612.5.
- Change: -12.75.
- Close: 10,926.97.
- Futures: 10,932.25.
- Change: -52.25.
- Close: 1,691.92.
- Futures: 1,692.8.
- Change: -3.9.
Note: Updated as of 9:27 a.m. EDT
On Tuesdays, I’ll detail the strongest and weakest sectors in the entire market. I’ll tell you exactly where I’d put my money and go long, and which ones I’d avoid or even short. Using my proprietary momentum indicator, you’ll get actionable ideas on every market sector, every single Tuesday.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to firstname.lastname@example.org!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.