FOMC Preview
What’s in Today’s Report:
- FOMC Preview
- Chart: Nasdaq Composite Emerges from Correction
Stock futures are little changed this morning as yesterday’s record close is digested while investors look ahead to a very busy day of earnings and the start of the Fed meeting.
There are a slew of potential market catalysts today. Starting with economic data, there are two housing market reports: Case-Shiller Home Price Index (E: 1.1%), FHFA House Price Index (E: 0.9%), before Consumer Confidence (E: 112.0) will be released (the latter will be most important to watch).
Additionally, the April FOMC Meeting Begins however that will not impact markets until tomorrow’s announcement and Powell’s press conference in the afternoon.
There is also a 7-Yr Treasury Note Auction at 1:00 p.m. ET and while the March auction was generally orderly, the February 7-Yr auction caused double-digit basis-point swings across the curve so any bond market volatility in the wake of the auction could influence equity trading.
Finally, it is a very busy day on the earnings front with UPS ($1.63), GE ($0.01), MMM ($2.25), BP ($0.43), SHW ($1.65), and SYF ($1.50) reporting before the open and AMD ($0.44), MSFT ($1.76), GOOGL ($15.50), V ($1.27), and COF ($4.17) releasing quarterly results after the closing bell.
