Good morning. S&P futures are trading lower as markets digest yesterday’s Triple Play of the Fed decision, the Trump/Xi meeting and mega cap tech earnings. Futures dropped around midnight as the first takeaways from Trump’s meeting rolled out, which contained no big surprises. We regained about half of that move lower before futures began fading again as we approached the Open, back to the overnight lows. Treasury yields continue to move higher following yesterday’s post-FOMC jump, up 3-4bp across the curve. The US Dollar Index is also higher, regaining 99 with the yen weakening sharply in the wake of the BOJ’s policy meeting. Treasury yields continue to move higher following yesterday’s post-FOMC jump, up 3-4bp across the curve. The US Dollar Index is also higher, regaining 99 with the yen weakening sharply in the wake of the BOJ’s policy meeting. The Trump/Xi meeting finally happened last night and it went largely chalk with no unforced errors from either side. The two leaders basically endorsed the consensus that trade negotiators had reached in Malaysia earlier in the week. Big Tech earnings made up the last part of the Triple Play yesterday. Alphabet, Meta and Microsoft all beat estimates and put up gaudy numbers both on the top/bottom lines and on spending. There’s a disparity in market reaction as Alphabet is up 8% in the pre-market while Meta is down 10% and Microsoft is down 2%. Capex spending is going from huge to ginormous. Brent crude is down ~1% while crypto is under pressure with Bitcoin and Ether down 3%.

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