S&P 500, Nasdaq Futures Higher as Fed Meeting Kicks Off

Futures on the Dow Jones Industrial Average (DJIA) are flat, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed higher this morning, as investors sift through another batch of big-name earnings reports. The Federal Reserve's policy meeting kicks off today, though the chances of an interest rate cut are slim to none. Wall Street is also looking ahead to job openings data for June and consumer confidence data for July, both of which are expected offer insight into the state of the economy.

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

• Senior V.P. of Research Todd Salamone is monitoring these SPX trendlines after last week's pullback.
• 2 oil stocks to watch as the presidential race heats up.
• Plus, two Dow stocks in focus after earnings; and ADM sinks after dismal quarter.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 750,227 put contracts traded on Monday. The single-session equity put/call slipped to 0.65, while the 21-day moving average remained at 0.66.
2. Procter & Gamble Co (NYSE:PG) reported better-than-expected profits for the second quarter, while revenue missed the mark. The consumer goods stock is 5.4% lower before the bell, set to chip away at its roughly 16% year-to-date lead.
3. Merck & Co Inc (NYSE:MRK) stock is down 2.6% ahead of the open, after the pharma giant issued a disappointing full-year outlook. Over the last 12 months, MRK added 20.2%.
4. Archer-Daniels-Midland Co (NYSE:ADM) missed top- and bottom-line estimates for the second quarter. The shares are down 1.3% in premarket trading, and carry a 26.7% year-over-year deficit.

5. The Fed's interest rate decision and more earnings are due out this week.

   

   European Markets Mixed on GDP Reading

   Japan’s Nikkei was the only winner amongst the indexes in Asia on Tuesday, as the Bank of Japan (BoJ) kicked off its two-day policy meeting. Plus, the country’s unemployment rate came in at 2.5% in July, slightly lower than the anticipated 2.6%. Elsewhere, Hong Kong’s Hang Seng led losses with a 1.4% drop, while China’s Shanghai Composite and the South Korean Kospi shed 0.4% and 1%, respectively.

   European markets are mixed today, after the euro zone’s flash second-quarter gross domestic product (GDP) reading came in at 0.3%, below the 0.2% expected by economists polled by Reuters. The German DAX is up 0.4%, after the country’s preliminary consumer price index (CPI) reading came in at 2.3% in July, slightly above the anticipated 2.2%. Meanwhile, London’s FTSE 100 is down 0.2% ahead of Thursday’s central bank decision, while the French CAC 40 rises 0.4%.