Investors optimistic as futures rise on hopes of rate cut, strong economic data.

From Nasdaq: 2024-07-31 07:42:00

Investors are optimistic this morning as S&P 500 and Nasdaq 100 futures rise, with hopes of a rate cut following Fed Chair Powell’s speech. Wall Street closed mixed, with CRWD and MRK sliding, while HWM and PYPL surged. Economic data showed job openings rising and consumer confidence strengthening.

The Federal Reserve will announce its monetary policy decision later today, with expectations of maintaining rates while hinting at a potential rate cut soon. U.S. rate futures indicate a high probability of a September rate cut. Earnings reports from Meta Platforms, Qualcomm, and more are also eagerly anticipated.

In Europe, stock futures are up as investors digest earnings reports and inflation data. Eurozone inflation rose unexpectedly in July. HSBC reported a profit decline but announced a $3 billion buyback, while Adidas posted higher Q2 profits.

Asian markets closed higher, led by China’s Shanghai Composite Index and Japan’s Nikkei 225. China’s manufacturing PMI met expectations, but non-manufacturing PMI fell. Japan’s BOJ raised interest rates and reduced bond purchases, with projections for inflation and economic growth adjusted downwards. Industrial production in Japan declined less than expected in June.



Read more at Nasdaq: Stock Index Futures Climb as Focus Shifts to Fed, U.S. ADP Jobs Report and Meta Earnings on Tap