July 28, 2022

Markets:

Stock futures moved lower Thursday after markets staged a major rally in the previous session following another 0.75 percentage point hike from the Federal Reserve.

Shares of Meta Platforms dipped 5.9% in premarket trading on the back of disappointing quarterly results, while Ford gained more than 5% after a beat on the top and bottom lines, and as it raised its dividend. Teladoc cratered more than 25% after taking another large goodwill charge.

The moves come on the heels of a broad-based rally Wednesday after the Fed’s latest monetary policy decision, as investors continued to bet on whether the central bank can halt surging prices without pushing the economy into a recession.

Fed Chair Jerome Powell on Wednesday said during a press conference he does not believe the economy has entered a recession.

On the earnings front, investors are looking ahead to results from Apple, Amazon, Intel and Roku slated for after the bell.

Portfolio:

We enter the new trading session holding positions in DDD, SNAP, MRO, and holding itrm. We will look to be potentially adding today but do have monster earnings on tap tonight that will be sure to drive these markets next move. However, our pathway for the next several months we believe has been set with a beautiful trade range. We've been stating that leading into mid-terms could provide outstanding opportunity and thus far it's delivering. Stay patient and let's continue to set ourselves up for the moves to come. Let's have a great session.