What’s in Today’s Report:
- Dow Theory Update – Bullish Reversal in July
- Central Bank Decision Expectations: Fed, ECB, and BOE this Week
Futures are modestly lower as traders digest mixed mega-cap tech earnings and look ahead to today’s Fed decision.
On the earnings front, GOOGL is up 8%+ in premarket trade thanks to strong reported revenue growth while MSFT is down 3.5% on soft sales and weaker guidance specifically in the company’s cloud computing division.
Today, there is one economic report to watch: New Home Sales (E: 727K) before focus will turn to the Fed with the FOMC Meeting Announcement at 2:00 p.m. ET (E: +25 bp hike) and Fed Chair Powell’s Press Conference at 2:30 p.m. ET.
A busy week of earnings will also continue with T ($0.60), BA (-$0.99), and KO ($0.72) releasing quarterly results before the bell while META ($2.87) and STX (-$0.26) will report after the close.