Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
U.S. stock futures fall slightly on Wednesday as investors assess corporate earnings from major technology companies and prepare for the Federal Reserve’s interest rate decision. Investors are optimistic about easing inflation, but there is some caution against assuming the Federal Reserve is done hiking rates after the July meeting. Aside from the interest rate decision, investors are closely monitoring corporate financial releases from companies like Meta, Chipotle, and Mattel, which are scheduled after the market closes today.
In recent earnings, Alphabet (Google’s parent company) surged over 7% due to strong cloud revenue growth, while Microsoft dropped more than 3% after reporting slowing cloud revenue growth. Snapchat tumbled 17% after providing weak guidance for the current quarter. Boeing and Coca-Cola saw gains after reporting earnings beats, with Boeing rising more than 3% on strong commercial aircraft deliveries, and Coca-Cola adding over 1% after raising its full-year outlook. AT&T also gained more than 1% after beating second-quarter free cash flow estimates.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
New Home Sales 10:00am ET – High Volatility Expected
EIA Petroleum Report 10:30am ET – High Volatility Expected
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Chair Press Conf. 2:30pm ET – High Volatility Expected
Fed Speaker Scheduled:
No Fed Speakers Scheduled
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