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Jul 29 2015

Futures are modestly higher

7/28/15 Market Recap: 

U.S. stocks rose sharply on Tuesday, rebounding from the previous session’s sharp decline as some strong corporate results offset ongoing concerns over the pace of economic growth in China. While Shanghai’s primary equity index fell, extending its decline on Monday – which had been the single worst session for the index in several years – the decline was relatively muted. While China is expected to remain volatile – which could mean large swings in Energy shares and commodity prices as the country’s growth is heavily tied to global demand – some bullish news from corporate America lifted sentiment. Ford Motor Co (F) reported stronger-than-expected earnings growth, helped by a rebound in the automaker’s U.S. division, while Dow component Pfizer (PFE) lifted its full-year outlook. In the latest economic data, U.S. consumer confidence fell more than expected in July, while home prices rose a robust 4.4 percent in May.

Looking Ahead: 

Futures are modestly higher, but trading could be quiet until the end of the Federal Reserve’s two-day meeting Wednesday afternoon. In a statement, the U.S. central bank will announce a decision on interest rates, and while the Fed isn’t seen raising rates at this meeting, it is widely expected to at some point in 2015. The Fed statement will be closely scrutinized for any indication about whether the rate hike will come in September or December. Overseas, a rally in Chinese shares could ease some near-term anxiety about the region, though ongoing volatility there could result in in big price swings here. Pending home sales are scheduled for release on Wednesday, while on the earnings front, Cliffs Natural Resources (CLF) and Mastercard (MA) are among the companies reporting.

Make sure to tune into Fox Business this Thursday at 6 PM when our President, Oliver Pursche, joins Charles Payne during the 6 o’clock hour to give our latest outlook and discusses why, in spite of the recent negative market action, we remain cautiously optimistic. And don’t miss this week’s Money Matters with Gary Goldberg, Sunday at 11 AM on WOR 710 AM Radio. Visit our website for more details