Markets are trading to higher price today on the heels of strong numbers out of AMD, and decent guidance for MSFT later this year as their supply begins to catch up with demand for their AI cloud products.

Tonight we get META earnings. META is still only trading at 21 times projected profits, which is especially remarkable considering the entire Nasdaq100 is trading at 25 times. 

Thursday we get AMZN and AAPL to finish off the big tech earnings this week. 

The Fed comes out with their announcement at 2pm ET today, with a press conference to follow at 2:30pm ET. You can expect no surprises as it seems like there is a very reasonable case to be made that they can still be in a restrictive policy while cutting from the 5.25%-5.5% range they have been in for some time.

We will see how strong Chairman Powell is with his words when it comes to indicating that rate cuts are potentially coming down the line starting in September, and if he gives any indication as to the pace going forward.

We got private payrolls from ADP this morning which came in at only 122K. We also got the employment cost index, which rose 0.9% for the months of April to June, down from 1.2% in the first quarter of the year. 

Here is a chart from Bloomberg for the recent employment cost index, which is the Fed's preferred wage metric. Chairman Powell stated during his appearance before congress earlier this month that the job market is no longer an inflationary force, and this recent data seems to confirm his opinion.  

 

Disney's Deadpool and Wolverine broke records for an R rated movie release while beating expectations this weekend. The film took in $211 million in ticket sales in the US and Canada, with global sales reaching $444 million. This has Disney bouncing slightly this week, and may be the catalyst for a run higher if they can start pumping out billion dollar hits again, which used to be the regular. 

Long DIS at $102.25. The stop is $88.97. DIS is trading at $94.49.

TFNN is running our Tiger Dollar sale through this month where you can get up to a 40% bonus on your purchase. 

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