Stock Market: Will S&P 500 Open Up or Down Today?
Key takeaways
- Polymarket traders are betting on a higher opening for the S&P 500 on Wednesday, with a 70% probability, ahead of key earnings releases and the Federal Reserve's interest rate decision.
- The S&P 500 closed 0.21% higher at 7,428.78 on Tuesday.
- The July 29 Polymarket contract implied a 70% probability of a higher opening for the S&P 500 on Wednesday.
- The Dow gained over 500 points on Tuesday, with Sherwin-Williams and Co ca-Cola rallying after earnings beats.
What happened
The S&P 500 edged higher on Tuesday, with investors rotating into old-economy sectors, while semiconductor stocks remained under pressure. The index closed 0.21% higher at 7,428.78. Polymarket traders are now betting the S&P 500 will open higher on Wednesday, with a 70% probability.
Why it matters
Wednesday's session could be crucial, with the Federal Reserve set to announce its interest rate decision and several major companies, including Microsoft, Meta, and Qualcomm, releasing quarterly results. Investors will be looking for updates on AI-related capital spending and corporate demand.
Short-term and longer-term
Short-term. The S&P 500's 0.21% gain on Tuesday and the July 29 Polymarket contract's implied probability of a higher opening at 70% suggest an upbeat sentiment.
Longer-term. Over the next few months, ask whether this changed growth, prices, or the path of interest rates.