Markets are opening slightly higher this morning with the Nasdaq up 48 points, the S&P 500 up 7, and the Dow up 9. Gold is seeing a strong rally, up nearly 2%, while Ethereum and Solana are under pressure. Bonds remain flat after yesterday’s rally, and Bitcoin is holding around $118K.Today is loaded with key macro data. We’ll be watching the ADP employment report, Q2 GDP (expected at 2.5%), pending home sales, and crude oil inventories. The U.S. Treasury will also announce its quarterly refunding plan, with slight increases expected in auction sizes across the curve. Market reactions could be muted until more clarity emerges.Central bank decisions are in focus as well. The Federal Reserve is expected to hold rates steady at 5.45%, but all attention is on the number of dissenters and the tone of the FOMC statement regarding future rate cuts. The Bank of Canada is also expected to hold rates unchanged at 2.75%, with a press conference to follow.Geopolitical tension is back in the spotlight. Markets await Trump’s decision on whether to extend the U.S.–China tariff pause beyond August 2. Talks with China ended without a clear resolution, and today, Trump announced a new 25% tariff on Indian imports starting August 1, citing unfair trade practices.Big tech earnings will drive after-hours sentiment. Meta and Microsoft report today, with a strong focus on CapEx guidance and AI-related investments. Meta is expected to guide CapEx between $64–72B, and Microsoft is projected to spend over $80B on AI and cloud infrastructure. Both companies’ performance and guidance could impact broader AI sentiment and stocks like Nvidia and Dell.Ford also reports earnings after the bell. Analysts expect a revenue decline, EPS of $0.33 (down 30% YoY), and continued EV losses. With its 2024 guidance suspended and pressure from tariffs and foreign competition mounting, the focus will be on margin outlook, dividend sustainability, and any signs of stabilization.Finally, in the crypto space, markets are watching for the July 30 Bitcoin report. Eric Trump posted on X that "the best is yet to come" for Bitcoin and Ethereum, which some see as a signal of bullish sentiment. Meanwhile, Marathon Digital (MARA) reported better-than-expected earnings driven by mark-to-market gains on BTC holdings.Stay tuned for live coverage of the FOMC at 2 p.m. and a full breakdown of today’s packed macro and earnings calendar.

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