E-mini S&P 500 futures hit new weekly highs post-FOMC.
E-mini S&P 500 futures experienced a strong two-day rally to close out the week, reversing initial declines following the July FOMC meeting. Despite an unchanged interest rate decision that initially prompted a sell-off, the index ultimately gained over 2 percent, reaching an intraday high of 7,530 before settling near 7,525. This upward momentum in equities occurred alongside a continued rise in oil prices, though the usual inverse relationship between equities and volatility remained intact, with market volatility moving lower during the rally. Looking ahead, traders turn their attention to a busy week of economic data, highlighted by the Friday nonfarm payroll report, alongside PMI releases, corporate earnings, and the return of Federal Reserve speakers following their post-meeting blackout period.
E-mini S&P 500 futures experienced a strong two-day rally to close out the week, reversing initial declines following the July FOMC meeting.
Despite an unchanged interest rate decision that initially prompted a sell-off, the index ultimately gained over 2 percent, reaching an intraday high of 7,530 before settling near 7,525.
This upward momentum in equities occurred alongside a continued rise in oil prices, though the usual inverse relationship between equities and volatility remained intact, with market volatility moving lower during the rally.
Looking ahead, traders turn their attention to a busy week of economic data, highlighted by the Friday nonfarm payroll report, alongside PMI releases, corporate earnings, and the return of Federal Reserve speakers following their post-meeting blackout period.