Markets tread water ahead of Fed rate decision and Big Tech earnings double-header

Wall Street hit the pause button on July 29 as two of the market’s biggest catalysts lined up back to back: a Federal Reserve interest rate decision and earnings from the two largest companies on the planet. Stocks traded in a narrow range as the two-day FOMC meeting wrapped up, with the rate announcement and Chair Kevin Warsh’s press conference scheduled for 2:00 p.m. and 2:30 p.m. ET respectively. The consensus expectation is that the Fed will hold the federal funds rate at 3.5% to 3.75%, the same level set after the previous meeting in mid-June, which was widely characterized as hawkish. The Fed’s holding pattern and what Warsh might signal The June 16-17 FOMC meeting left markets with a distinctly hawkish taste. Traders will be parsing every syllable for clues about whether the committee’s stance has softened, or whether inflation concerns continue to keep rate cuts on the shelf. Microsoft and Apple: the earnings main event Microsoft is set to report after the close on July 29, with Wall Street expecting earnings per share of $4.21. Apple follows with its conference call on July 30 at 5:00 p.m. ET. Both reports arrive at a moment of heightened scrutiny over AI spending. Alphabe...