Gains in Futures Amid Strong Wall Street Session
Futures saw gains following a robust session on Wall Street. The Fed’s comments and positive earnings results sparked heavy buying into technology stocks. The S&P 500 surged 1.5%, its best day since February, while the NASDAQ Composite rallied 2.6%, and the Dow Jones Industrial Average gained 0.2%.
Fed Signals Rate Cuts, Highlights Inflation Progress
At the conclusion of its two-day meeting on Wednesday, the Federal Reserve kept interest rates unchanged, as widely expected. However, Chair Jerome Powell acknowledged significant progress in reducing inflation and cooling the labor market. These factors set the stage for a potential rate cut in September. Powell mentioned the possibility of a cut, contingent on positive data.
The Fed will have additional inflation and labor market data to consider before its September meeting. Markets are nearly fully pricing in a 25 basis point cut in September, according to CME Fedwatch. Attention is now on the upcoming nonfarm payrolls data, due on Friday, for more labor market insights. Thursday’s releases will include weekly jobless claims data, construction spending for June, and ISM Manufacturing data for July.
Tech Rallies with Meta Leading; Apple Earnings Awaited
Technology stocks surged after positive earnings from Meta Platforms (NASDAQ
), with the Facebook-owner reporting stronger-than-expected second-quarter earnings and a robust outlook. This optimism helped offset the middling results from Microsoft Corporation (NASDAQ
) and the weak earnings reported by chip designer Arm Holdings (NASDAQ
).
Anticipation is high for upcoming tech earnings, with Apple (NASDAQ
) and Amazon (NASDAQ
) set to report on Thursday. Other notable companies releasing earnings include Intel Corporation (NASDAQ
), Booking Holdings (NASDAQ
), and Moderna (NASDAQ
).
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Hey OP… It’s a big earnings day today fresh off the Fed Hopes Sugar High so be careful. I think everyone expects AAPL to beat so it can really get smashed if the market didn’t like one thing about the report. We don’t make our gains and stay consistent by gambling ERs so remember this when considering any short term directional plays. As I mentioned for months, the market will fly hard when it thinks rate cuts will happen but I elect that pop to get heavily shorted after that so our systems will be the play! See you all in chat later with my scalps and plans
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