What’s in Today’s Report:
- Wildcards to Watch: Tapering Schedule and Balance Sheet Reduction
- Chart: Inside Day in the S&P Underscores Trader Indecision
- Technical Breakpoints for the Market Today
Stock futures are firmly higher as trader focus shifts ahead to the Fed while investors digest mostly upbeat earnings.
MSFT initially fell by 7%+ after earnings yesterday but a positive outlook by management during the investor call has helped shares turn positive and rise by more than 4%.
Looking into today’s session, there are two economic reports due out this morning: International Trade in Goods (E: -$95.1B) and New Home Sales (E 760K) but neither should move markets ahead of the FOMC Announcement (2:00 p.m. ET) and Fed Chair Press Conference (2:30 p.m. ET) which will be the main events today.
Earnings today include: BA (-$0.09), T ($0.76), FCX ($0.96), PGR ($0.99), TSLA ($2.26), INTC ($0.90), STX ($2.36), RJF ($1.77).
Bottom line, the market is coiled up after the volatile start to the week and whether the Fed is dovish or hawkish today will decide whether we see a relief rally or break down to new lows.