Key Global Events

The market reacted positively to Alphabet's quarterly earnings, gaining 7%. To Microsoft's earnings, the market reacted contrary, taking the stock down -12%.

FED members are poised to raise interest rates to the highest level in 22 years. Markets are discounting a 25 basis point increase this evening at the end of the Fed's two-day meeting, bringing it to its 11th increase since 2022. Tonight at 8 p.m. the market mover of the week will be released. At 8:30 p.m., U.S. central bank President Jerome Powell will hold a press conference following the release of the rate hike decision. Investors should try to figure out from Powell's words what might happen in September, whether there will be the first cuts or will continue with hawkish actions.

Meta, Coca-Cola, CME Group earnings are expected today.

Pending the rate decision, futures of major U.S. indexes trade in the red. Dow Jones -0.25%, S&P500 -0.22% and Nasdaq -0.21%.
European stock exchanges all turn negative. Milan's FTSE MIB -0.57%, Paris' CAC -2.11%, Madrid's IBEX -0.11%, London's FTSE -0.67%.

Forex & Commodities

Euro and Sterling trade higher against the greenback. EURUSD +0.14% and GBPUSD +0.16%. We could see a strengthening of the dollar, mainly due regarding the U.S. central bank decision, this would lead to a rise in oil pushing around $85 per barrel. It currently trades below $79. Gold trades around 1963 $ an ounce (+0.53%).

Index

Asian stock markets traded mixed. Tokyo's benchmark Nikkei 225 index closes at parity at 0.01%. China's Hang Seng index after rallying yesterday gives up -0.35%.

Global Macroeconomic Data
USA -  At 4:30 p.m. Crude Oil Inventories will be released, expected to decline to -2,400 million barrels. At 8 p.m., the market mover of the week. The FOMC decision on the rate hike and Powell's subsequent press conference will be announced.