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[Platinum Insights] (7.24.23)
[Platinum Insights] (7.24.23)
August 22, 2023
Good morning.
U.S. stock index futures inched higher on Monday as earnings from mega cap growth and technology companies roll in and investors look ahead to a rate decision from the Federal Reserve later this week.
Markets brace for the Fed’s monetary policy decision on Wednesday, with another 25bps increase in the fed funds rate already priced in, although traders will be looking for any clues on whether the Fed will stop the tightening cycle or believes further increases are still necessary.
Meanwhile, the earnings season continues with about 40% of the Dow and 30% of the S&P 500 giving their financial updates during the week, including Alphabet, Meta Platforms, Microsoft, GE, 3M, General Motors, Boeing and Amazon.
On the data front, preliminary PMIs for the US will be in the spotlight today.
Elon Musk and Twitter Chief Executive Officer Linda Yaccarino unveiled a logo for the social media platform on Monday that featured a white “X” on a black background as a replacement for the familiar blue bird symbol. In response to a tweet asking what will tweets be called under “X”, Musk replied “x’s”.
WTI crude futures rose to $77.6 per barrel. Gold steadied around $1,960 an ounce while the US 10-year Treasury note yield fell to 3.79%, amid growing concerns about the health of the global economy and as traders brace for key interest rate decisions from the Fed, the ECB and the BoJ.
It’s going to be a busy and eventful week.
Check out this week’s Horizon and < 200 stock lists on the Platinum Channel. Have a great day!
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