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Morning Market Report: Jan. 31st, 2024

FOMC decision day. The Fed is expected to hold short-term rates steady. The key to the meeting will be any clue as to the timing of rate cuts.

ADP private payrolls came in lower than expected at 107,000 vs. 150,000 expected. After this week's Tech earnings and FOMC decision will be the NFP report on Friday.

Tesla downgraded this morning: "Sell It Now", on the basis of a court ruling nullifying Musk's gargantuan pay package:

"Tesla stock was falling early Wednesday after a Delaware court late Tuesday voided CEO Elon Musk’s pay package"

The main event this morning is fallout from last night's Tech earnings implosion. At the open, Microsoft is up, but Google and AMD are both down.

Here we see at the open this morning that Google's recent overthrow high was a bull trap:

It's important to point out that there was no actual news last night that was "bad" from an earnings perspective. It was merely a matter of an overbought market meeting overbought expectations.

Coupled with the efficiency of artificially intelligent momentum algorithms.

Cue the Fed:

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