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Traders on the floor of the New York Stock Exchange on August 4, 2022.
Source: New York Stock Exchange
Stock futures were trading slightly lower Tuesday morning as investors awaited key corporate earnings and the start of the Federal Reserve’s policy meeting.
futures Dow Jones Industrial Average Down 16 points, or 0.04%. S&P 500 Futures Down 0.05%, Nasdaq 100 Futures Down 0.03%.
In after-hours trading, Crowdfunding Shares fell more than 5%. CNBC reported that Delta hired attorney David Boies Seeking compensation CrowdStrike and Microsoft launched a program after an outage this month caused thousands of flight cancellations.
Quarterly Results Merck, Pfizer, PayPal, Procter & Gamble and JetBlue Earnings reports before the opening bell on Tuesday could determine market sentiment. Investors will also be watching Microsoft, Advanced Micro Devices and Starbucks After the closing bell rings.
More than 40% of S&P 500 companies have reported results so far, with 79% beating Wall Street earnings expectations, according to the London Stock Exchange, compared with an average of 77% over the past five years.
“Consensus EPS for both 2024 and 2025 remain stable, with 2024 EPS following typical non-recession year revision trends. This suggests analysts are relatively comfortable with their estimates,” Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America, said in a note.
The comments were relatively optimistic.”
The Federal Reserve’s two-day policy meeting is scheduled to begin on Tuesday, and Fed Chairman Jerome Powell is likely to hint at the timing and number of rate cuts expected in the coming months. The Fed previously expected only one rate cut in the rest of 2024, and traders put the probability of a September rate cut at 100%. CME FedWatch tool.
“Inflation is trending lower, supporting the Fed’s rate cuts. This, combined with a still-strong economic outlook and solid corporate earnings, should boost risk assets and broaden returns beyond the tech sector,” said Seema Shah, chief global strategist at Principal Asset Management.
On Tuesday, traders will be looking at June job openings data. Economists surveyed by Dow Jones expect the number of job openings to be 8.1 million in June, unchanged from May. Consumer confidence data for July is also due.
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