Will today be one of significance. The FOMC meeting concludes, and the post meeting statement is made at 2:00 PM. There is little fanfare expected from the forecasted outcome, but every FOMC meeting is of significance given their potential influence over the financial markets.
After the close three of largest companies in the world post results; MFT, TSLA and META. Tomorrow AAPL releases earnings.
At the time of this writing, Bloomberg writes only 78 S & P 500 companies have announced earnings and the releases to date are “inconclusive.” It is almost certain that this view will change after today.
As noted yesterday, profit growth for the Magnificent Seven is projected to be at the slowest pace in almost two years, a difficult environment given their lofty valuations and massive ownership.
Commenting on yesterday’s market action, the NASDAQ and large tech retraced some of the earlier day losses. Longer dated Treasuries rose nominally in yield causing the yield curve to steepen.
Last night the foreign markets were up. London was up 0.29%, Paris down 0.19% and Frankfurt up 0.82%. China was down 0.06%, Japan up 1.02% and Hang Seng up 0.14%.
Futures are flat. The 10-year is up 1/32 to yield 4.53%.
Kent Engelke
Chief Economic Strategist Managing Director
The views expressed herein are those of Kent Engelke and do not necessarily reflect those of Capitol Securities Management. Any opinions expressed are statements of judgment on this date and are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated or projected. Any future dividends, interest, yields and event dates listed may be subject to change. An investor cannot invest in an index, and its returns are not indicative of the performance of any specific investment. Past performance is not indicative of future results. This material is being provided for informational purposes only. Any information should not be deemed a recommendation to buy, hold or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. This report is not a complete description of the securities, markets, or developments referred to in this material and does not include all available data necessary for making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. If you would like to unsubscribe from this e-mail distribution, please reply to this e-mail and indicate that you wish to unsubscribe in your response.
