Markets are on the quiet side this morning as traders await the big interest rate policy statement from the FOMC along with the latest updates to their economic forecasts and Fed Chair Powell’s press conference.  Asian equities traded higher in reaction to yesterday’s strength in the US, and European markets are trading on either side of the flatline.  With regards to the FOMC. we would note that since Powell stepped into his role as Fed chief, there has only been one meeting day (out of ten) where stocks finished in positive territory for the day.  He’s going to have to break out of this rut at some point!

Please read today’s Morning Lineup for a recap of overnight moves in Asian markets, the latest export data out of Japan, and economic data in Europe.

Bespoke Morning Lineup – 6/19/19


Semis rallied over 4% on Tuesday as the Philadelphia Semiconductor Index had its best day since late January.  We’ve discussed the leadership traits of the semis in terms of their relative strength versus the S&P 500 a lot over the months, and that leadership was tested earlier this week as the group now looks (for now) to have successfully tested its lows from earlier this month.  They’re still not in the clear, but this afternoon’s Fed meeting and the upcoming US-China talks at the G-20 are sure to play a role in how things play out.

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