- The S&P 500 lost 1.00%, hitting a four-day low.
- The US agenda includes a speech by FOMC member Raphael Bostic at the close of the American session.
- Investors are focusing on US GDP, due out tomorrow.
The S&P 500 set a session high at 5,632, where aggressive sellers were active, driving the index to a four-day low of 5,560. At the time of writing, the S&P 500 is trading at 5,568, losing 1.00% on the day.
S&P 500 trades in negative territory ahead of US GDP release
The main stock indices are showing losses today, awaiting the release of the annualized Gross Domestic Product for the second quarter of 2024. The market consensus estimates a growth rate of 2.8%, in line with the previous quarter. In this context, the S&P is down 5,567 today, reaching lows not seen since August 22.
Investors will be focused on a speech by the president of the Federal Reserve Bank of Atlanta and member of the Federal Open Market Committee, Raphael Bostic. The US monetary policy authority has shown his flexibility by considering a rate cut in September very likely, the pace and magnitude of which are the variables that interest the market now.
Levels to consider in the S&P 500
The S&P 500 formed a short-term resistance at 5,649, the high from August 26. The closest support is found at 5,511, a pivot point that converges with the 78.6% Fibonacci retracement. The next support is found at 5,293, the low from August 9.
S&P 500 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
