The S&P 500 Index is up +0.24%, with the Dow Jones increasing by +0.12% and the Nasdaq 100 gaining +0.32%. Key economic indicators include a +104,000 rise in the July ADP employment change, exceeding expectations of +76,000, and a +3.0% increase in Q2 GDP, stronger than the anticipated +2.6%. The markets await the outcome of the FOMC meeting, with expectations that the Fed will keep the current target rate unchanged at 4.25% to 4.50%.
In earnings news, major companies like Microsoft and Meta Platforms are set to report after the market closes. Early earnings reports indicate a potential +4.5% increase for the S&P 500 in Q2, surpassing earlier forecasts of +2.8%. Meanwhile, ADP revised June’s jobs number from -33,000 to -23,000, and mortgage applications fell by -3.8% for the week ending July 25, impacting housing data.
Globally, Eurozone Q2 GDP rose +0.1% quarter-on-quarter, while July economic confidence improved to 95.8, surpassing expectations of 94.5. In the U.S., initial unemployment claims are projected to rise by 6,000 to 223,000 this week, with the July unemployment rate expected to tick up by +0.1% to 4.2%.
