Morning Dose: Powell’s Perfume Bears on the Prowl
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Good morning and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. It is Thursday, August 21st, and futures are pointing to another lower open this morning. The mood feels… tense.
Overnight Headlines
All eyes are on Jackson Hole where the Fed’s big symposium kicks off today. Market hopes for friendly words on interest rates from Chair Powell are tense after Kansas City Fed President Jeffrey Schmid’s caution on rate cuts.
Economic Announcements
- Asia had a mixed session, while Europe trades in red, except for some positive Eurozone manufacturing PMI news.
- Economic data today includes weekly jobless claims, Philly Fed Index, S&P Global PMIs, Existing Home Sales, and Leading Indicators.
- Watch the 9:45 AM PMI data for a real-time snapshot before Powell’s speech.
Earnings Highlights
- Walmart reports mixed results with a lower stock trade due to EPS miss despite strong U.S. sales and positive future guidance.
- Coty experiences a massive 20% pre-market drop after a significant earnings miss and a swift downgrade from Buy to Neutral by Citigroup.
Top Movers
- Boeing surges on potential massive aircraft sale to China, while Meta Platforms surprises with an A.I. hiring freeze.
- Dayforce sees a positive pop following acquisition news by Thoma Bravo.
Quick Trade Ideas
Keep an eye on names like Intuitive Surgical and Analog Devices for relative strength. Stay cautious, set tight stops, and stay nimble with tomorrow’s big event looming.
Key Takeaway
Traders should note defensive market sentiment with higher volatility ahead of Powell’s speech. Watch technical levels closely and be ready to adapt quickly to market shifts.