Coffee With Greta: Mixed Week

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DJIA Futures: +61 (+0.2%)

SPX Futures: +19 (+0.4%)

NASDAQ Futures: +101 (+0.7%)

Good morning friends!

Futures are higher as traders gear up for the final trading day of the week.

Let’s get right to it!

Dow Extends Win Streak

The Dow Jones is on its longest winning streak since 2017.?

The index closed higher on Thursday for the ninth straight session, at 35,061.21.?

It’s the longest rally since September 2017 and also the highest closing level since March 2022.?

The major indices are on track to close out the week mixed.?

The Dow and S&P 500 are both on track to finish the week higher while the Nasdaq is on track for a weekly decline.

Yields Slip Ahead of Fed Next Week

Treasury yields are slipping this morning as investors turn their attention to next week’s Fed meeting.?

Both the 2-year yield and 10-year yield are down 4 basis points.

CME Group’s FedWatch Tool shows 99.8% of traders expecting the Fed to hike rates by 25bps next Wednesday.

Focus will be on the guidance for future meetings and the Fed Chair’s comments after the meeting.?

American Express Slides On Revenue Miss

American Express (AXP) shares are down 4% ahead of the open after beating Q2 profit expectations but missing on revenue.?

Here’s how the company’s results compared to analysts’ estimates:?

• EPS: $2.89 vs $2.81 expected
• Revenue: $15.05 billion vs $15.48 billion expected

Revenue was up 12% year over year while network volumes increased 8%.?

American Express saw an all-time high in spending through its card products during the quarter.?

The CFO said, “The U.S. consumer just looks really strong” and the company hasn’t seen “any signs of weakness on travel and entertainment habits.”

AmEx maintained its full-year outlook.?

In Case You Missed It

• Existing home sales dropped to the slowest pace in 14 years in June. The National Association of Realtors reported existing sales fell 3.3% to a seasonally adjusted annual rate of 4.16 million units, in line with expectations. Sales tumbled 18.9% year over year, the slowest sales pace since June 2009 as low supply squeezes buyers. There were 1.08 million homes for sale at the end of June, down 13.6% from a year ago and representing a 3.1-month supply. The median price of a home sold in June was $410,200, the second-highest on record.