Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Tuesday, July 28.
The market is waking up to a split tape. S&P futures are near flat, up about a tenth of a percent, while Nasdaq futures are down about three quarters of a percent and Dow futures are up almost nine tenths. Russell futures are little changed. That gap between the Dow and the Nasdaq points to a rotation flavor at the open, with the pre-market favoring the older-economy corners of the market over big tech.
That would extend yesterday's pattern. The S&P 500 closed essentially flat, the Nasdaq 100 slipped about three tenths of a percent, and the Dow and the Russell 2000 each gained roughly half a percent. Breadth was decent: seven of eleven sectors rose. Staples, consumer discretionary, and communications led, each up more than one percent, while technology fell almost one percent, utilities lost more than one percent, and energy dropped just over two percent.
The VIX sits near eighteen point eight, up slightly on the day. That is an elevated-but-calm posture, consistent with some hedging ahead of the main event of the week. And that event is the Federal Reserve: the FOMC begins its two-day meeting tomorrow, with the rate decision due Thursday, July 30. Until then, trading may stay cautious, with the tech-versus-value tug of war the theme to watch.
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