June 11, 2024

Markets:

Stock futures inched lower Tuesday as investors await the start of June’s Federal Reserve policy meeting.

Those moves follow a muted but notable day on Wall Street. The S&P 500 and Nasdaq Composite rose modestly to notch new record closes, while the Dow inched higher by nearly 0.2%.

This comes as traders prepare for the two-day Fed policy meeting commencing Tuesday. The meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.

While investors are anxiously awaiting the policy announcement, they are largely pricing in that the borrowing rate remains unchanged. Fed funds futures were indicating virtually no chance of a cut at this week’s meeting, according to CME’s FedWatch Tool.

Before the Fed decision, investors will analyze small business data due out Tuesday. On Wednesday, they will closely follow the consumer price index reading for May expected in the morning. We’ve got two big events coming in the middle of this week: the CPI print on Wednesday morning and the Fed meeting on Wednesday afternoon.

Portfolio:

We enter todays session holding positions in SG, MARA, AI, AMDL, PLTR, and TSLL.  It would be a rather safe assumption to assume a muted session today – unless CPI gets leaked??.  With CPI tomorrow morning and the Fed tomorrow afternoon, these two major events are sure to keep everyone sitting on their hands.  No concern but why would you front run such an important day for the markets short term.  There are terrific set-ups emerging and a few beauties with stellar formations and price activity.  The concern is tomorrows response.  But, we will be scanning for opportunities so please be ready.  Remain patient here with whats on top tomorrow for the markets.