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U.S. stocks traded mostly higher on Wednesday as the latest Federal Open Market Committee meeting wrapped up. Fed Chair Jerome Powell met with the press following the meeting and announced the Fed would keep interest rates near zero and continue its support of the economy through the pandemic recovery. With rates unchanged, focus remains on inflation levels and vaccine, as well as variant, data. Powell stressed the importance of vaccination in regard to the ongoing economic recovery. Fed minutes should release in the coming weeks to further illuminate the latest meeting.
Earnings remain at the forefront with Facebook, PayPal, and McDonald’s reporting today while tomorrow Amazon will release their quarterly earnings. Boeing and Pfizer’s shares rose after positive reports while Apple, Microsoft, and Starbucks shares dipped. Google-parent Alphabet released upbeat revenue reports which helped shares close in the green.
Focus remains new strand of the COVID virus continues to impact worldwide markets, the VIX currently trades at the18 level. Vaccine and infection rates will continue to impact markets in the coming weeks as well as the start of the latest earnings season. Likewise, the Federal Open Market Committee will meet again to discuss and decide on the current interest rates this week which could also impact markets. Please watch the critical support levels on the SPY at $434 and $418. We do expect a short-term correction to continue through July and the beginning of August. Globally, both European and Asian markets are trading to mixed results to start the week. We encourage all market commentary readers to maintain clearly defined stop levels for all positions. For reference, the SPY Seasonal Chart is shown below:
Key U.S. Economic Reports/Events This Week:
Upcoming Earnings:
For reference, the S&P 10-Day Forecast is shown below:
Using the “^GSPC” symbol to analyze the S&P 500 our 10-day prediction window shows a near-term mixed outlook. Prediction data is uploaded after the market closes at 6 p.m. CST. Today’s data is based on market signals from the previous trading session.
Our featured symbol for Thursday is Vulcan Materials Company (VMC). VMC is showing a steady vector in our Stock Forecast Toolbox’s 10-day forecast.
The stock is trading at $182.98 with a vector of 0.03% at the time of publication.
10-Day Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
Note: The Vector column calculates the change of the Forecasted Average Price for the next trading session relative to the average of actual prices for the last trading session. The column shows the expected average price movement “Up or Down”, in percent. Trend traders should trade along the predicted direction of the Vector. The higher the value of the Vector the higher its momentum.
*Please note: At the time of publication Vlad Karpel does NOT have a position in the featured symbol, VMC. Our featured symbol is part of your free subscription service. It is not included in any paid Tradespoon subscription service. Vlad Karpel only trades his money in paid subscription services. If you are a paid subscriber, please review your Premium Member Picks, ActiveTrader, or MonthlyTrader recommendations. If you are interested in receiving Vlad’s picks, please click here.
West Texas Intermediate for Crude Oil delivery (CL.1) is priced at $72.372 per barrel, up 1.00% at the time of publication.
Looking at USO, a crude oil tracker, our 10-day prediction model shows mixed signals. The fund is trading at $49.72 at the time of publication. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The price for the Gold Continuous Contract (GC00) is up 0.34% at $1806.00 at the time of publication.
Using SPDR GOLD TRUST (GLD) as a tracker in our Stock Forecast Tool, the 10-day prediction window shows mixed signals. The gold proxy is trading at $169.29 at the time of publication. Vector signals show -0.47% for today. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The yield on the 10-year Treasury note is down, at 1.234% at the time of publication.
The yield on the 30-year Treasury note is down, at 1.885% at the time of publication.
Using the iShares 20+ Year Treasury Bond ETF (TLT) as a proxy for bond prices in our Stock Forecast Tool, we see mixed signals in our 10-day prediction window. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
The CBOE Volatility Index (^VIX) is $18.31 at the time of publication, and our 10-day prediction window shows mixed signals. Prediction data is uploaded after the market close at 6 p.m., CST. Today’s data is based on market signals from the previous trading session.
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