Interest Rate Decisions and Big Tech Earnings Today

Markets are focused on a busy day ahead, with two central banks meeting in the middle of earnings season. It is shaping up to be a significant session for business news, with interest rate decisions due today from the Bank of Canada at 9:45 am EST and the Federal Reserve Board at 2:00 pm EST, accompanied by statements and followed by press conferences.

Both banks are expected to hold their benchmark rates steady at 2.25% and 3.75% respectively, so investors may focus on commentary from officials regarding where interest rates could head from here. Ahead of the announcements, the US Dollar is rebounding from yesterday’s sharp selloff, pushing the Euro down 0.5% and the Loonie down 0.1%.

NASDAQ futures are up 0.8% this morning, outperforming flat Dow futures, with technology earnings in focus. Texas Instruments and Seagate Technology are responding positively to yesterday’s earnings reports and guidance, posting premarket gains of 7.0% and 9.9% respectively.

The stage is set for four of the Magnificent 7 companies to report earnings over the next 36 hours, with Tesla*, Meta Platforms, and Microsoft reporting after the close today, followed by Apple after the close tomorrow. The results and the market’s reaction to them may help shape sentiment toward the technology sector through the remainder of earnings season. A wide range of other companies across multiple sectors are also reporting, including IBM, Celestica, and Canadian Pacific this afternoon, followed by Caterpillar*, MasterCard, Honeywell, and Rogers Communications on Thursday morning.

Precious metals have resumed their upward momentum this morning, with Gold up 3.6%, Silver up 7.0%, and Platinum up 4.3%. In commodity markets, Copper is up 0.8%, while Crude Oil is higher by 0.9%.

*Shares of Tesla and Caterpillar are held in some portfolios managed by SIA Wealth Management.

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