NewsWare’s Trade Talk: Wednesday, July 27

S&P Futures are climbing higher this morning ahead of this afternoon's announcement from the Fed on monetary policy. The Fed decision is due at 2 p.m. Eastern, with a press conference from Fed Chair Jerome Powell at 2:30 p.m. Expectations are for a 75 basis point hike, but there's uncertainty on what the Fed's message will be, and whether it lines up a pivot after a string of negative economic surveys from both companies and consumers. The bill to reign in big tech is unlikely to come to a vote according to Senator Schumer. The Senate is expected to vote on a bill to boost U.S. semiconductor production. Oil prices are moving higher on stockpile data from last night.