Stocks are down premarket but nothing major as just about everyone is in wait-and-see mode with a lot of important data on deck.
Advanced Micro Devices (AMD), Supermicro Computer (SMCI), Amazon (AMZN) and more are on deck after the close, and we had PayPal (PYPL, Eli Lilly (LLY), 3M (MMM), Cameco (CCJ) and McDonald’s (MCD) before the open.
Needles to say, it’s a BIG day for earnings!
We also have the latest FOMC minutes and comments from Fed Chair Jerome Powell starting at 2 p.m. ET on Wednesday. Now, we know he’s not going to cut rates. But what he says after the release of the minutes could move markets.
The market is usually subdued heading into this because who knows what he’s going to say. He’s likely to say we’ve seen a slow down but we’re still on track to cut rates by the end of the year.
He’s unlikely to address how many cuts or when, so we’re likely to see a muted market going into FOMC…
But how in the world is the market going to remain muted with all of these major companies on deck?!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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