Fed Wildcard to Watch: Dual Risks
What’s in Today’s Report:
- Fed Wildcard to Watch: Dual Risks
- Economic Data Takeaways: A Hot JOLTS Report Offsets a Favorable ISM Release
- Chart – The Fed Could Make or Break the Gold Market Today
Futures are higher ahead of today’s Fed announcement amid continued China reopening hopes and good earnings.
AMD is up more than 4% after good earnings yesterday evening which is bolstering tech shares this morning.
Today, the focus will be on economic data early with the ADP Employment Report (E: 200K) due out ahead of the bell. The market will want to see some headline weakness to help offset yesterday’s JOLTS data in order for stocks to rebound into the Fed. Motor Vehicle Sales (E: 14.2M) will also be released over the course of the morning.
Then focus will turn to the Fed with the FOMC Announcement at 2:00 p.m. ET followed by Powell’s Press Conference at 2:30 p.m. ET. A dovish release could trigger a sharp and squeezy rally while a hawkish decision would almost certainly result in investor pain.
Earnings will be on the backburner today but there are still a few notable releases to watch: CVS ($1.99), PGR ($1.48), CHRW ($2.15), QCOM ($3.14), EBAY ($0.93).
