Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Monday, July 27th.
Index futures are pointing higher again this morning, with S&P futures near 7,508, Nasdaq futures around 28,640, Dow futures near 52,703, and Russell 2000 futures at roughly 2,971. That follows a mixed session yesterday, where the S&P 500 and the Dow both edged higher while the Nasdaq 100 and the small-cap Russell 2000 slipped, with technology names the softest spot on the board.
Volatility is easing into the open. The VIX sits near 17.9, down almost 4 percent, suggesting traders are waking up calmer than they went to bed, even with a Federal Reserve decision now just two days away.
Breadth was broad yesterday, with ten of eleven sectors finishing higher. Real estate led the tape, up better than 2 percent, with materials and consumer staples also outperforming. Industrials and utilities lagged but still closed positive, while technology was the lone sector in the red, down more than 1 percent.
On the calendar, this is Fed week. The Federal Open Market Committee begins its two-day meeting Wednesday, with the rate decision due Thursday. That's likely to be the dominant theme shaping trading through midweek, with markets parsing incoming data for clues on the path ahead.
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