July 27, 2022

Markets:

Stock futures climbed early on Wednesday morning, boosted by strong gains from Google-parent Alphabet and Microsoft, as traders await the Federal Reserve’s latest interest rate decision, scheduled for later in the day.

Alphabet shares rose nearly 4% premarket after the tech giant’s quarterly report showed strong revenue from Google’s search business. That said, the company’s overall earnings and revenue came in below expectations.

Microsoft popped 3.7% even after the company’s earnings and revenue came in below analyst estimates.

There are more major earnings reports to come. On Wednesday, Qualcomm, Ford and Meta Platforms will report at the end of the day.

Investors are also awaiting a key announcement from the Federal Reserve. The central bank will announce its latest interest rate decision on Wednesday afternoon. Markets widely expect a three-quarter percentage point increase in the benchmark rate.

Portfolio:

We enter the new trading session holding positions in MRO, SNAP, and holding ITRM. The highly anticipated Fed release takes please this afternoon. This will be sure to be a major driver for the markets and we patiently wait for it. It'll be tough to front run the release unless we see a beauty of a set-up. We feel we are well positioned and would prefer to wait for the release before making a move with another set-up. Be ready today for further updates leading into the release and especially after the release. Remember, the first move is typically the head fake after the release. This has been a trend the last several releases. Just keep that in mind. Let's have a great session.