Nasdaq Dorsey Wright

- US equity futures are mixed this morning. S&P and Nasdaq futures are up around 20 bps while Dow futures are down about 30 bps.
- The S&P 500 was up 20 bps yesterday, the third day in a row of little movement as it gained two bps on Monday and five bps on Friday. Meanwhile, the Nasdaq-100 was down just under 1%, in its fifth consecutive down day. The iShares Semiconductor ETF ([SOXX]) was down 4.8% yesterday and is now down about 25% from the high it reached in June.
- Crude oil futures are up about 5% after falling 4% on Tuesday.
- International equities were lower on Tuesday as the iShares MSCI EAFE ETF ([EFA]) lost two bps while the iShares Emerging Markets ETF ([EEM]) was down 2%.
- The Fed wraps up its July meeting today. The futures market is pricing in about a 65% chance that the Fed will leave rates unchanged with a 35% chance of a 25 bps hike. This is most uncertainty we’ve had this close to a Fed meeting in some time.
- Meta ([META]) and Microsoft ([MSFT]) report earnings after the close today. Both are currently technically weak as Meta is a 1 for 5’er and MSFT is a 2 for 5’er, though both stocks have shown some improvement on their trend charts recently.