Friday, 31 July 2026
Markets point higher ahead of the open
Ahead of the open, the market is pointing up sharply, with the Nasdaq up sharply. Technology, Industrials led, while Health Care, Real Estate lagged. The pre-market move lines up with capital rotating into growth heading into the open.
Why it mattered: AI infrastructure capex is active, but fresh chip export restrictions threaten the GPU supply chain that buildout depends on.
What we said to watch
Credit conditions easing: The Federal Reserve has decided to hold interest rates at 3.5%-3.75%, which may impact consumer spending and retail sales, particularly for companies like Walmart, Costco, and Target. This decision is significant as it may influence the overall economic outlook and market expectations.
This is the reading as it was written on the day. It has not been edited with hindsight, and it may have turned out to be wrong.
Market intelligence only. Not financial advice, not a recommendation, and not an offer to buy or sell any security. No trade execution.