Stock Futures Cautiously Higher Ahead of Fed Comments

Boeing is propping up the Dow after an earnings beat

Deputy Editor
Jul 28, 2021 at 9:17 AM
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Stock futures are eyeing muted gains ahead of the open, with the Dow Jones Industrial Average (DJI) 13 points higher, boosted by a blowout earnings report for Boeing (BA), which announced its first quarterly profit since the third quarter of 2019. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are tentatively higher as well, as investors eye a slew of mixed earnings reports from the Big Tech space, such as Apple (AAPL) and Alphabet (GOOGL), and look toward this afternoon's Federal Reserve statement. The Federal Open Market Committee (FOMC) is set to conclude its two-day meeting, and many expect the central bank to begin making moves to cut back on its bond buying program. 

Continue reading for more on today's market, including:

  • 2 market optimism indicators investors should pay attention to.
  • The tech stock that looks poised for more growth in August. 
  • Plus, behind Pfizer's beat-and-raise; and 2 blue-chip members sliding despite strong quarterly reports. 

futures chart july 28

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts traded on Tuesday, compared to 805,108 put contracts. The single-session equity put/call ratio fell to 0.59 and the 21-day moving average rose to 0.51.
  2. The shares of Pfizer Inc. (NYSE:PFE) are up 0.1% ahead of the bell, after the company posted second-quarter earnings and revenue that topped expectations and lifted its full-year forecast. The drugmaker is expecting continual strength in sales for its Covid-19 vaccine. PFE is up over 14% year-to-date. 
  3. Meanwhile, fast food giant McDonald's Corp (NYSE:MCD) are off 0.9% in electronic trading, despite reporting second-quarter earnings and revenue that beat analysts' estimates. The company's comparable-store sales and global comps also  saw major growth during the quarter, exceeding expectations. MCD is up 22% year-over-year. 
  4. Fellow Dow member Visa Inc (NYSE:V) is also slipping ahead of the bell, off 0.6%, even after its fiscal third-quarter profits and revenue report topped analysts expectations, strengthened by a return in spending on entertainment and travel. V is up 27% in the last 12 months. 
  5. Data on advance trade in goods will be due out today. The latest FOMC announcement is scheduled for the afternoon, with a press conference from Fed Chair Jerome Powell to follow.

OV Buzz Chart July 28

Hang Seng Snaps Multi-Day Slump 

Asian markets closed mixed today. Hong Kong’s Hang Seng rose 1.5%, after a two-day slump that resulted in an over 8% deficit, as regulatory concerns weighed on the tech and education sectors. The South Korean Kospi followed with a 0.1% gain, despite the country reporting its highest-ever daily increase in Covid-19 cases on Wednesday. Elsewhere, Japan’s Nikkei fell 1.4%, and China’s Shanghai Composite dropped 0.6%.

Meanwhile, markets in Europe are higher across the board, as investors digest a slew of quarterly reports. Notably, Deutsche Bank (DB) reported a blowout second-quarter earnings. At last check, London’s FTSE 100 is up 0.2%, the German DAX is up 0.3%, and the French CAC 40 is up 0.8%. 

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