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FOMC Preview

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What’s in Today’s Report:

  • FOMC Preview (What’s Expected/Dovish If/Hawkish If)

Futures are modestly lower following a quiet night of news as markets digest yesterday’s rally ahead of several days of critical earnings and tomorrow’s FOMC decision.

Economic data was sparse.  UK CBI Distributive Trades (it’s like retail sales) beat estimates rising to 4 vs. (E) -25 but the number isn’t moving markets.

Today there are only two notable economic reports,  Case-Shiller HPI (E: 4.2% yoy) and Consumer Confidence (E: 95.7) and neither should move markets.

Instead, focus will be on stimulus (negotiations will accelerate and the market expects a done deal in two weeks) and earnings.  Specifically, the volume of important earnings reports spikes between now and Friday, so we’ll be watching these results closely (especially the reports on Thursday).  Today, some notable earnings include:  MMM ($1.77), MCD ($0.76), PFE ($0.64), AMD ($0.16), SBUX ($-0.61), V ($1.02).

Tom Essaye Quoted in Unseen Opportunity on June 30, 2020

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According to Tom Essaye, founder of The Sevens Report, stocks could be missing a few “key ingredients” necessary for an even more extended rally. “A combination of 1) Stimulus, 2) Positive trends in the virus, 3) Economic reopenings and 4) Hopes for a vaccine drove stocks higher in Q2…” Essaye wrote. Click here to read the full article.

Jerome Powell

Tom Essaye Quoted in MSN Money on June 30, 2020

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“A combination of 1) Stimulus, 2) Positive trends in the virus, 3) Economic reopenings and 4) Hopes for a vaccine drove stocks higher in Q2…” wrote Tom Essaye, the founder of The Sevens Report. Click here to read the full article.

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Tom Essaye Quoted in CNBC on June 30, 2020

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“A combination of 1) Stimulus, 2) Positive trends in the virus, 3) Economic reopenings and 4) Hopes for a vaccine drove stocks higher in Q2,” wrote Tom Essaye, founder of The Sevens Report. “As we begin Q3, only one of those tailwinds is currently in place: Stimulus. That doesn’t mean we’ll see a correction, but be suspect of market rallies until we can add more forces supporting stocks, because…” Click here to read the full article.