Jerry Samet
07-30-2025, 06:10 PM
The market was mostly a bit higher on the day until Powell’s press conference. It got very volatile and early modest gains were lost. Some late buying saw the major averages finished mixed but in the lower half of their intraday trading ranges. The COMPQ and the NDX gained .15% and .16% respectively. The SPX declined .12%. Volume was mixed, higher on the New York and lower on the NASD. Leading stocks were mostly higher on the day. The leaders index rallied .63% on the day. The index closed in about the middle of its trading range on higher and below average volume. The market opened a little higher today and traded in mildly positive territory most of the day. The Fed announcement came out as expected and had little effect. Then at the press conference Powell threw a little cold water on the prospect of a cut in September and the market sold off. It gained some of the decline back after the press conference was over and the major averages closed little changed. After the close MSFT and META reported earnings and they both were good. Both stocks are trading nicely higher in after hours trading, as of this writing. If the gains hold overnight the market will open with very nice gains. The rally looks like it is on solid ground now. Tomorrow AAPL and AMZN report, along with some other important companies. Let’s hope their reports are as well received as today’s appear to be. Jerry