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Wall Street is likely to tenaciously hold onto the slender optimism ahead of a slew of earnings from notable companies and the Federal Reserve’s two-day rate-setting meeting that gets underway on Tuesday. Traders appear to be overlooking some negative tech earnings released late Monday as they factor in better performances by their mega-cap counterparts.
Microsoft Corp.‘s (NASDAQ:MSFT) earnings report due after the market close could be sought after by traders to read the tea leaves for the results from its mega-cap peers such as Apple, Inc. (NASDAQ:AAPL), Meta Platforms, Inc. (NASDAQ:META) and Amazon, Inc. (NASDAQ:AMZN). Hopes of the Fed confirming that it would begin cutting in September are also buoying sentiment.
Futures | Performance (+/-) |
Nasdaq 100 | +0.21% |
S&P 500 | +0.21% |
Dow | +0.19% |
R2K | +0.35% |
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved up 0.23% to $545.99, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.23% to $464.97, according to Benzinga Pro data.
Cues From Last Session:
U.S. stocks meandered to a mixed close on Monday as traders turned cautious ahead of the key Main Street and earnings catalysts of the week. The major averages opened higher but gave back their gains and fell into negative territory by early afternoon trading. After staging a recovery in the afternoon, the major indices closed narrowly mixed.
Small-caps, which outperformed in recent sessions, witnessed some profit-taking, dragging the Russell 2,000 Index by over 1%.
Index | Week’s Performance (+/-) | Value |
Nasdaq Composite | +0.07% | 17,370.20 |
S&P 500 Index | +0.08% | 5,463.54 |
Dow Industrials | -0.12% | 40,539.93 |
Russell 2000 | -1.09% | 2,235.33 |
Insights From Analysts:
Commenting on the FOMC meeting, fund manager Louis Navellier said it is virtually guaranteed that the FOMC statement will signal a key interest rate cut on Sept. 18, premising his expectation on the decline in the two-year Treasury yield from 5.046% on Apr. 30 to 4.385% on Jul. 26.
“So with the Fed finally joining other central banks and cutting key interest rates, the Fed will provide the ‘turbo boost’ that the stock market needs to broaden out further and extend the current rally,” he said.
Wharton Professor Jeremy Siegel, Senior Economist to WisdomTree, said he expects Jerome Powell to indicate the potential for easing of monetary policies in September if the current economic trends continue. “He is unlikely to fully commit to this, as there's a lot of data before that September meeting—but the Fed's confidence in the inflation trajectory should have increased enough to start cutting rates,” the economist said. A steeper 50-basis-point cut is also likely if there is a sharp slowdown, he said, adding that jobless claims data doesn't point to that now.
Upcoming Economic Data:
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Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell yet again following losses in the previous two sessions, while gold futures gained ground. The yield on the 10-year Treasury note slipped to 4.169%. Bitcoin (CRYPTO: BTC) retreated toward the $66.5K level.
Hong Kong led the Asian markets lower, as traders reacted negatively to the lackluster close by Wall Street stocks overnight and weak foreign direct investment data released from China. On the other hand, the Japanese, Indian, Taiwanese and New Zealand markets showed modest strength.
European stocks traded on a mixed note, with the U.K.’s FTSE 100 Index slipping amid mixed earnings, while the German and French markets advanced after the eurozone reported better-than-expected GDP growth for the second quarter.
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