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Opening Bell: U.S. Futures, Stocks Edge Up Ahead Of Fed Decision, Earnings News

By Pinchas Cohen/Investing.comMarket OverviewJul 25, 2022 08:49AM ET
www.investing.com/analysis/opening-bell-us-futures-stocks-edge-up-ahead-of-fed-decision-earnings-news-200627571
Opening Bell: U.S. Futures, Stocks Edge Up Ahead Of Fed Decision, Earnings News
By Pinchas Cohen/Investing.com   |  Jul 25, 2022 08:49AM ET
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  • Futures up despite economic concerns
  • Fund managers are now holding the most cash in twenty years
  • Demand worries fail to dent the oil price which moved up

On Monday, futures on the Dow, S&P, NASDAQ, Russell 2000, and European stocks were all trading in the green despite ongoing concerns about inflation, interest rates, and recession. Markets are keenly awaiting earnings releases from a significant number of stock market giants this week including Meta (NASDAQ:META), Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN), GE (NYSE:GE), and Boeing (NYSE:BA).

Institutional investors are increasingly pessimistic about the Fed's ability to reign in inflation this late in the game as well as the choking effect aggressive interest rate tightening will have on an already fragile economy.

Bank of America's recent survey of fund managers showed that cash exposure is now at 6.1%, which is the highest level in over 20 years as they slash the equity exposure in their portfolios.

US futures were trading higher but fluctuating, while in Europe the STOXX 50 seemed to be peaking out.

STOXX 50 Hourly
STOXX 50 Hourly

After overcoming the June 27 peak, Eurozone blue-chip companies were testing a small top, which, if complete, could put the price on the path back to the month's lows.

Asian stocks appear to have hit three-week highs as investors rotate out of stocks and into bonds.

Despite broad regional losses and China's Shanghai Composite's 0.6% decline, the country's high-risk property shares bucked the trend, rising following a report of a restructuring for the beleaguered developer, Evergrande which will hopefully provide a roadmap for the property crisis there. 

Yields on the 10-year Treasury note eased.  

10-year Treasuries Daily
10-year Treasuries Daily

Yields found support by the neckline of an H&S top.

The dollar edged lower for the third straight day or the sixth session out of seven.

Dollar Index Daily
Dollar Index Daily

The greenback is returning to its uptrend line, an overdue correction after reaching the highest since 2002.

Gold was flat after rebounding from an earlier decline. The price maintained gains from its two-day rally amid dollar weakness.

Gold Weekly
Gold Weekly

The rally in the price of the yellow metal increased after finding support from the lows since April 2020. If support holds, the price could retest its April highs. If it falls below $1,680, it could fall to the $1400s.

Bitcoin gapped down, falling for the fifth of six sessions.

Bitcoin Daily
Bitcoin Daily

The cryptocurrency is back in its Rising Channel. Beware of an upside breakout that would propel bids higher toward $30K to retest the Falling Channel top and the neckline of a massive double top, which, if holds, implies another crypto crash. 

Oil edged up despite concerns that a recession would dent demand.

Oil Daily
Oil Daily

The price may have completed a third consecutive Rising flag after completing a Symmetrical Triangle, and it may be on the cusp of completing a Descending Triangle, with an implied target of $60.

Up Ahead

Disclaimer: The author currently does not own any of the securities mentioned in this article.

 
Opening Bell: U.S. Futures, Stocks Edge Up Ahead Of Fed Decision, Earnings News
 

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Opening Bell: U.S. Futures, Stocks Edge Up Ahead Of Fed Decision, Earnings News

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Comments (4)
patricio Silva
patricio Silva Jul 25, 2022 8:35AM ET
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More a day pf loss tu madre ?? Future homeless lol
G D
G D Jul 25, 2022 8:35AM ET
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He literally notes he doesn't own any securities mentioned in the article. What loss?
G D
G D Jul 25, 2022 8:21AM ET
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I know this is more on the politics side of economics but do you reckon we should tax corporations more with how they've been handed big bonuses from all the QE money they've received to reduce inflation? They claim they'll need the cash to buffer against an incoming recession and reduced spending but they're the ones who have failed to raise salaries for people to spend and consume products all the while the top executives siphoned government money funded by the taxpayers. I strongly believe wealth inequality and corporate greed are driving this recession.
G D
G D Jul 25, 2022 8:21AM ET
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And I'm not saying tax them to the max, but that capital hasn't been trickling down very efficiently. Airlines companies took bailout capital to hand it to their employees as retirement bonuses because they couldn't legally lay them off and now they don't have enough pilots to fly and gotta cancel flights
cqjhm poufc
cqjhm poufc Jul 25, 2022 7:34AM ET
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The FED will again save face ("NBER never said 2 consecutive negative GDP quarters are recession"), that perhaps would explain some of this green?
Pinchas Cohen
Pinchas Cohen Jul 25, 2022 7:34AM ET
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I think the market had enough of pundits saying there is no real inflation for the market now to wait on another group of academians. As far as I'm concerned, the green is noise.
Jack Peterson
Jack Peterson Jul 25, 2022 7:34AM ET
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Pinchas Cohen Couldn’t agree with you more Pinchas. Wednesday is when reality hits. Good luck everyone!
Pinchas Cohen
Pinchas Cohen Jul 25, 2022 7:34AM ET
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Happy new trading, Peter!
Ankit Kumar yadav
Ankit Kumar yadav Jul 25, 2022 6:52AM ET
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qwerty
 
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