Stock Futures Mixed as Fed Decision Reverberates

Dow futures are eyeing a triple-digit pop

Deputy Editor
Jul 29, 2021 at 9:20 AM
facebook twitter linkedin


Stock futures are mixed this morning, with the Dow Jones Industrial Average (DJI) looking to bounce back from last night's triple-digit drop, with a roughly 132 point lead, while S&P 500 Index (SPX) futures are also poised for muted gains. Futures on the Nasdaq-100 Index (NDX), meanwhile, are pointed lower after scoring a notable win during Wednesday's session. Investors are mulling over the Federal Reserve's decision to keep interest rates near zero, as well as a U.S. second-quarter gross domestic product (GDP) reading, which accelerated 6.5% year-over-year -- much lower than the 8.4% annualized growth expected. Jobless claims data also disappointed, with 400,000 people filing for initial unemployment benefits, compared to the 385,000 anticipated.   

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

  • Is INFY ready to climb to even more fresh highs?
  • The pharma stock bulls may want to consider next month. 
  • Plus, MRK's Q2 report in line with forecasts; TAP sees earnings beat; and FB falls on H2 prediction. 

futures july 29

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Wednesday, compared to 821,130 put contracts. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average rose to 0.52.
  2. The shares of Merck & Co., Inc. (NYSE:MRK) are off 1% in electronic trading after its second-quarter earnings fell in line with estimates, while its revenue topped expectations. Growth for the company's cancer drug Keytruda also fell mostly in line with expectations. MRK has been testing its footing near its year-to-date breakeven, and is looking to open just below the level. 
  3. Molson Coors Beverage Co (NYSE:TAP) also entered the earnings confessional, and the stock was last seen up 2.4% in electronic trading after the firm's second-quarter profits and revenue beat analysts' forecasts. TAP is up over 50% in the last nine months. 
  4. Facebook, Inc. (NASDAQ:FB) reported a and top- and bottom-line beat, but forecast slowing revenue growth during the remainder of 2021, due to Apple's (AAPL) updated privacy policies. FB is sporting a 36% year-to-date lead, but is down 3.3% in electronic trading.
  5. Also on tap for today is June's pending home sales index. 

OV Buzz July 29

Hang Seng Surges, Brushing Off Earlier Regulation Concerns

Markets in Asia finished higher today. Hong Kong's Hang Seng jumped 3.3%, as tech stocks affected by regulation concerns earlier in the week soared. Plus, China's securities regulators noted that the country will continue to allow Chinese companies to go public in the U.S., as long as they meet listing requirements. China's Shanghai Composite closed 1.5% higher, the South Korean Kospi added 0.2%, and Japan's Nikkei settled up 0.7%.

European markets are higher as well, as investors unpack a large number of big-name earnings, including those from Credit Suisse and Volkswagen. Meanwhile, economic sentiment in the euro zone rose to a record high, with the monthly survey rising up to 119 points in July. London's FTSE 100 is up 1% midday, while the French CAC 40 and German DAX have risen 0.8% and 0.5%, respectively. 

Grab your FREE Eternal Contrarian report!


 




 
Special Offers from Schaeffer's Trading Partners