US equity futures climbed as investors digested corporate earnings as well as yesterday’s dovish comments from the Fed officials. Microsoft rose in premarket after posting quarterly earnings and revenue which topped analysts’ expectations. More than 15% of S&P 500 companies have reported their second quarter results so far and about 79% of those companies came in above analysts’ expectations. Yesterday, New York Fed President Williams stated that the Fed needed to act quickly and “better take preventative measure than wait for disaster to unfold” which reinforced wagers that the Fed could cut interest rates by as much as 50 basis points at the end of the month. However, a spokesperson from the New York Fed said Williams’s comment was drawing from academic research and was not hinting a potential policy change. Treasuries slipped this morning from the gains in previous session. Elsewhere, WTI crude rose after four days losses this morning, trading above $55 a barrel. We have a fairly light economic calendar today; University of Michigan Sentiment for preliminary July reading printed 98.40 slightly below consensus of 98.80, following 98.20 in prior.
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US equity futures climbed as investors digested corporate earnings as well as yesterday’s dovish comments from the Fed officials. Microsoft rose in premarket after posting quarterly earnings and revenue which topped analysts’ expectations. More than 15% of S&P 500 companies have reported their second quarter results so far and about 79% of those companies came in above analysts’ expectations. Yesterday, New York Fed President Williams stated that the Fed needed to act quickly and “better take preventative measure than wait for disaster to unfold” which reinforced wagers that the Fed could cut interest rates by as much as 50 basis points at the end of the month. However, a spokesperson from the New York Fed said Williams’s comment was drawing from academic research and was not hinting a potential policy change. Treasuries slipped this morning from the gains in previous session. Elsewhere, WTI crude rose after four days losses this morning, trading above $55 a barrel. We have a fairly light economic calendar today; University of Michigan Sentiment for preliminary July reading printed 98.40 slightly below consensus of 98.80, following 98.20 in prior.
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