Good morning. U.S. stock index futures edged higher this morning, a day after minutes of the Federal Reserve’s last policy meeting showed most officials held a hawkish view on interest rates.

In Wednesday’s trading session, the benchmark S&P 500 dropped to a 5-week low, the blue-chip Dow posted a 4-week low, and the tech-heavy Nasdaq 100 notched a 1-1/2 month low.

Progressive Corp surged over +8% and was the top percentage gainer on the S&P 500 after reporting net premiums written for July rose +21% y/y to $5.95 billion. Also, TJX Companies Inc climbed more than +4% after the company posted upbeat Q2 results and lifted its annual comparable sales forecast.

On the bearish side, chip stocks retreated after the 10-year Treasury yield rose to a 9-1/2 month high, with Advanced Micro Devices Inc dropping more than -3% and Marvell Technology slumping over -2%. Also, Agilent Technologies Inc fell more than -3% after cutting its FY23 guidance amid a “softer macroeconomic environment.”

On the economic data front, a report from the Labor Department is expected to show initial weekly jobless claims fell to 240,000 last week from 248,000 the week before. On the earnings front, major companies like Walmart, Applied Materials, and Ross Stores are slated to release their quarterly results today.

WTI crude futures held around $80 per barrel. Gold held below $1,900 an ounce while the yield on the US 10-year Treasury note, often viewed as a benchmark for global borrowing costs, rose to as high as 4.31%, the highest since October’s 15-year high. If you are considering swing trading, it is important to develop a trading plan and stick to it.

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Have a great day!