The S&P 500 posted a record high close yesterday and is looking to build on that in the day ahead. Tech shares are the ones leading the charge, helping to keep sentiment buoyed. S&P 500 futures are up 0.4% with Nasdaq futures up 1.0% on the day currently. Dow futures are only seen up 0.1% thus far.
In terms of positive headlines, we have Dutch tech giant ASML posting bumper profits with record AI orders of €13.2 billion. That continues to keep the AI trade momentum in full spin with added positive news to Nvidia with regards to their China situation here.
With their composition being less tech heavy, major indices in Europe are slated for a more mixed open in just a bit. But with US futures keeping on the up, that will maintain a more positive risk sentiment at least in trading today.
The main focus on the economic calendar will be the Fed policy decision. In that regard, Powell's press conference will be the main thing to watch but just be mindful that we could also get Trump's decision on the next Fed chair too. It would be quite timely for him to announce that as the Fed is set to keep interest rates unchanged today.
And that's not the only game in town, as we will have big tech earnings to follow as well.
"On Wednesday, we'll get Microsoft, Meta, and Tesla all after the close. And on Thursday, Apple will be the one reporting after the close. Big tech aside, there are also other notable names reporting this week with it being the second busiest week in terms of the Q4 earnings schedule. The likes of Boeing, UnitedHealth, ASML, Visa, Mastercard, and Exxon Mobil are all also set to report."
It's going to be a busy day ahead for equities.
