Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Thursday, July 30.
The market is waking up to Fed day with a bounce. S&P futures sit near 7,400, up about seven tenths of a percent, and Nasdaq futures are doing the heavy lifting, up roughly one and a half percent. Dow futures are up about half a percent, and small cap futures are up around two thirds of a percent.
That firmer tone follows a rough Wednesday. The S&P 500 lost about one and a half percent, the Nasdaq 100 gave back two percent, and the Dow fell just over two percent. Breadth was weak, with nine of eleven sectors lower. Energy was the standout, up almost two percent, and staples eked out a small gain, while industrials dropped more than three percent and technology fell about two and a half percent.
Volatility is cooling this morning. The VIX has eased back to about 19, down roughly eight percent, which suggests some of yesterday's anxiety is unwinding ahead of the main event.
And the main event is the Federal Reserve. The FOMC delivers its rate decision this afternoon, with the chair's press conference to follow. Coming one day after a broad selloff, the market's reaction to the Fed's tone is the story to watch into the close.
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