Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Friday, July 24.
Futures are pointing to a modest bounce at the open this morning. S&P futures are up about a quarter percent, sitting near 7463. Dow futures are ahead four-tenths of a percent. The Russell is also up about four-tenths. Nasdaq futures are nudging higher by roughly two-tenths. Not a roaring comeback, but the market is leaning green after a rough Thursday.
Yesterday was a broad pullback. The S&P 500 dropped one and a quarter percent, the Nasdaq 100 fell nearly two percent, and the Dow shed one percent. Small caps held up relatively better, slipping just under six-tenths. Seven of eleven sectors closed lower. Consumer Discretionary bore the brunt, off more than four and a half percent, and Communications dropped three and a half. On the other side, Industrials and Health Care each gained more than one percent, standing out as clear defensive favorites on the session.
The VIX is sitting at 18.57 this morning, down slightly from yesterday's close. That is a moderate reading — not panic territory, but the market is carrying some residual caution heading into the weekend.
Looking ahead, the main event on the calendar is next week's Federal Reserve meeting. The Fed begins its two-day session on Wednesday July 29, with the rate decision due Thursday July 30. That backdrop gives the market plenty to chew on into the close today.
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