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May 25, 2023
The S&P 500 gained 0.54% and is now trading at 4,137.47.
United States Pending Home Sales data will be released today at 14:00 UTC, with an expected improvement to 0.5% (previous figure was -5.2%).
This move comes while some more positive signs for the S&P are out as data for United States GDP released today at 12:30 UTC is better than expected with 1.3, but worse than previous figure of 2.6. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.
Nevertheless, Crude Oil Inventories in United States fell short of market expectations (-920,000) with a reading of -12.46 million, continuing the decline from the previous figure of 5 million.
As the day gets underway, chart analysis suggests S&P 500 could be slowing down soon as it approaches resistance at 4,210. Of course, crossing it might suggest further gains are ahead.
The S&P shows positive signs, other assets are also on par: Nasdaq rises 1.26% to trade around 12,641.
Meanwhile, Hang Seng drops 1.93% to trade around 18,747. ASX 200 retreats 1.05% to trade around 7,138.2.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released today at 14:00 UTC.
Furthermore, the market is looking at United States Core Durable Goods Orders projected to decline to 0% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Apr) is expected tomorrow 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.
