Jul 302020

The Fed pledged to keep interest rates low but also warned once again that the coronavirus “poses considerable risks to the economic outlook over the medium term.”

Markets get another glimpse of the coronavirus economic impact in this morning’s 8:30am ET GDP numbers.  It is possible the US in in the greatest economic contraction since the Great Depression.  The GDP forecast is a 34.5% contraction.

The CEOs of Apple, Amazon, Facebook, and Google faced 5 hours of difficult and often specific antitrust questions where many House members were demanding “yes or no” answers to complex technical and business situations.  Bottom line from the hearing, big tech regulations are coming…

Qualcomm (QCOM) is up over 11% premarket after announcing a settlement with China’s Huawei and raising their 4th quarter estimates.

A big day for earnings which includes APPL, FB, AMZN, GOOGL, F, CMCSA, UPS, PG, KHC, DD, GILD, and MGM.

Volatility has ticked up on yesterday’s bullish Fed announcement response and remains moderate.  There is a chance volatility can increase agian if the bears get more traction today.

Size bias is short into the 8:30am ET GDP numbers.


 Posted by at 7:24 am

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