Consumer confidence came in above estimates and stocks are trying to maintain positive territory. Gold fails to get above last week’s highs, and crude is holding steady at trend line support.Â
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Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily Midday Market Minute. Stocks are trying to battle positive territory ahead of key economic data and the Fed’s interest rate decision tomorrow. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website. There’s also a link to direct you to YouTube.
And you can subscribe that way. We’d love for you to follow us. We would love for you to help us build our following. Looking at the markets here today, consumers are continuing to show strength. We got the consumer confidence numbers came in above estimates. 100 was the estimate and we got a print of one or 2.6. Did see a little bit of a contraction.
Looking at Chicago PMI again, came in at 44. Estimates were 445. So you’re seeing that weakness there. But, you know, again, with the stronger consumer yields are, you know, off of their lows here. You’re seeing the bond market, you know, just off of the highs and precious metals are off of the highs today. You know, stocks are trying to battle positive territory, but tomorrow is really going to be an important day because we have ADP, we have JOLTS, we have S&P, global PMI.
We also are getting Isom and of course, the Fed’s interest rate decision. So what’s really more important than the decision itself is definitely guidance. You know, the bond market is priced in about a 97% probability of a pause tomorrow. And the bond market is priced in a continued pause, you know, extended through the end of the year. And, you know, looking at the CME Fed watch tool, the next cut is still expected for June.
So what does Fed Chair Powell say tomorrow that may move interest rate expectations in some of these deferred months and some of the or in the later part of next year? That’s really what’s going to be important here moving forward. Is the Fed going to stay, you know, at this rate for longer? Do they give guidance that they still have potential hikes to to implement?
You know, we don’t know yet. So that’s really what’s going to be important moving forward. After the bell, we’re going to get AMD semiconductor earnings, definitely an important one for the tech sector, for the Nasdaq, keeping an eye on some of these overhead resistance levels are going to be really key. Is the market is failed to kind of get above some key resistance levels here as of late 4205 two or 42 or 2 to 42 or five.
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