July 30, 2024

Markets:

Stock futures slipped marginally on Tuesday morning as investors awaited key corporate earnings and the beginning of the Federal Reserve’s policy meeting.

Quarterly results from Merck, Pfizer, PayPal, Procter & Gamble and JetBlue before the bell Tuesday could dictate market sentiment during the session. Investors will also watch closely for numbers from Microsoft, Advanced Micro Devices and Starbucks after the closing bell.

The Fed’s two-day policy meeting is set to begin Tuesday where central bank Chief Jerome Powell could signal the timing and number of rate cuts expected in the next few months. The Fed previously projected only one rate cut for the remainder of 2024, and traders have priced in a 100% chance for a September rate reduction, according to the CME FedWatch Tool.

On Tuesday, traders will be watching for job openings data for the month of June. Economists polled by Dow Jones are calling for 8.1 million job openings, the same as in May. Consumer confidence for July is also slated for release.

Portfolio:

We enter the start of this monster 3-day period due to the Fed meeting beginning but more importantly we will receive monster earning reports beginning today from the likes of MSFT and AMD.

Extreme patience is needed right now, especially today. No reason to try and front run any moves and we are positioned for the next month. Queue is igniting but we do not want to be overloaded headed into these next few sessions. No reason for it. The market will be completely dependent on MSFT, AMZN, AAPL, and META. Understand this. Be ready for further updates today.