July 24, 2023

Markets:

U.S. futures edged higher Monday as investors awaited a batch of key earnings reports and a major policy decision from the Federal Reserve.

Investors anticipate the Fed will increase rates by a quarter percentage point at the conclusion of its meeting on Wednesday and will be listening to comments by Chair Jerome Powell to get a sense of the central bank’s position on what happens next as it tries to navigate a soft landing for the economy.

They’re also watching for the personal consumption expenditures index, the Fed’s preferred inflation gauge, which is due at the end of the week.

The week ahead is also set to be the busiest one of earnings season, with Thursday being the most intense day. About 40% of the Dow and 30% of the S&P 500 will give their financial updates during the week, including Alphabet, Microsoft and Meta. Several big pharma companies are getting ready to report and it’s a big week for industrial companies and big oil as well.

U.S. Treasury yields held steady on Monday, ahead of the Federal Reserve’s meeting this week to discuss its monetary policy plans and announce its latest interest rate decision.

Portfolio:

Monster week ahead with major tech earning reports from META, GOOG, and MSFT to lead the way. One of the most highly anticipated weeks is finally here and this should provide further trading opportunities. We enter the new trading week holding set-ups in PENN, AAPL, PATH, S, and EXEL. Queue continues to be active and we anticipate releasing a number of new trades this week. We do want to watch price activity early on and watch a few key lines. But we do expect to see strong triggers based on this weeks activity. Be ready folks! Let's have an outstanding week.