Seeking Alpha

Stock futures point higher ahead of FOMC meeting, boosted by earnings

  • Stock futures stay higher after U.S. single-family home prices rose more than expected in May; S&P, Dow and Nasdaq all +0.2%.
  • The major European bourses are higher across the board; Asian stocks rose for a second session as investors turn more optimistic on China following improving economic data such as HSBC's July factory activity report.
  • Dow-listed pharmas Merck and Pfizer posted earnings that easily beat Wall Street estimates, but UPS -2.6% after its quarterly profit fell sharply Y/Y.
  • The FOMC begins its two-day meeting today, with a policy statement to be released that likely will call for another $10B taper.
  • Treasury prices are at their morning highs, with the 10-year yield down 3 bps at 2.45%.
  • Still ahead: consumer confidence.
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