As the week begins, benchmark US stock indices are exhibiting a robust performance in premarket trading, providing optimism amongst traders. The Standard & Poor's 500 futures and the Dow Jones Industrial Average both surged by 0.4%, while the Nasdaq Composite outperformed with a 0.5% gain. The positive momentum is not only evident in the US but also across Asian exchanges that are trending higher, along with most European markets. One of the pivotal events this week is the meeting of the Federal Reserve’s monetary policy-setting committee, which is scheduled for Tuesday.
Traders eagerly anticipate a decision on interest rates to be announced on Wednesday. Current market predictions suggest a staggering 96% likelihood that the Federal Reserve will maintain its current key interest rate, as indicated by the CME FedWatch Tool. Today's economic calendar is relatively sparse; however, noteworthy is the upcoming Dallas Fed Manufacturing survey for July, which will be released at 10:30 am ET, potentially offering insights into the health of the US manufacturing sector. In the corporate landscape, several major companies are set to announce their financial results before the market opens.
Among these are McDonald's (NYSE: MCD), ON Semiconductor (NASDAQ: ON), Loews Corporation (NYSE: L.US), Revvity (NASDAQ: RVTY), CNA Financial (NYSE: CNA), and Hope Bancorp (NASDAQ: HOPE). Furthermore, after the market closes, key players like Welltower (NYSE: WELL) and Chesapeake Energy (NASDAQ: CHK) will be reporting their earnings, which could significantly influence investor sentiment. In an exciting development, shares of Philips (NYSE: PHG) listed in the US have seen a notable increase of 10% in pre-market trading.
This surge follows an impressive report of year-over-year earnings growth for the second quarter, along with consistent guidance regarding full-year comparable sales growth. On another note, shares of 3M (NYSE: MMM) experienced a modest ascent of 0.3% after closing on Friday with a remarkable 23% increase. Looking at the broader market, cryptocurrency has also made headlines, with Bitcoin elevating 2.2% to reach a remarkable price of $69,638.
Meanwhile, West Texas Intermediate crude oil has slightly receded, trading at $77.04 per barrel, reflecting a 0.2% decrease. Additionally, the yields on 10-year Treasuries have declined by 3.9 basis points, settling at 4.16%, and gold prices have seen a rise of 0.5%, now valued at $2,393 per ounce. Traders are closely monitoring these financial indicators as they navigate this week full of potential market-moving events..