Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 31st of July, here are some things to look out for today.

Sentiment
Global stocks rose, with Nasdaq 100 index futures up more than 1%, as a flurry of positive news fuelled a recovery in technology stocks.
The yen strengthened as Japan raised interest rates.

ASML surged following reports that the US will exempt some countries from China’s export restrictions. Advanced Micro Devices rose in pre-market trading following an upbeat revenue forecast. Nvidia rose 5.7% after Morgan Stanley said the selloff has created an attractive entry point.

Tech stocks have fallen in recent days as earnings fell short of sky-high expectations and traders speculated that the artificial intelligence frenzy had peaked. The S&P 500 was expected to open 1% higher, erasing Tuesday’s decline caused by slower cloud growth at Microsoft.

Markets are set for an action-packed day, with Federal Reserve Chair Jerome Powell expected to signal a potential rate cut in September and Meta Platforms reporting.

Docket
08:15 ET
US ADP Employment Change for July
Median Forecast: 150k | Prior: 150k | Range: 175k / 50k

10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: -1.55M | Prior: -3.741M | Range: 1M / -4.82M

14:00 ET
US Interest Rate Decision
Median Forecast sees the rate remaining unchanged at 5.5%

FOMC Rate Statement

US Interest Rate Prep Article – Read Here

Speakers
14:30 ET
FOMC Press Conference with Chair Powell following the US Interest Rate
Live Video will be available here

Earnings
16:05 ET
Meta Q2 2024 Earnings
Est. EPS: $4.75
Est. Rev: $38.84B

Good luck!