Day Trade Cheat Sheet - July 31, 2026 (Morning)

 ## MARKET MOOD: MIXED U.S. stock futures are higher, supported by cooler June PCE inflation data and slower-than-expected Q2 GDP growth, boosting broader market sentiment. However, weakness in key tech names like **$AAPL** and **$COIN** amid earnings misses and cautious forecasts is tempering enthusiasm. ## TOP 5 HEADLINES 1. Apple tumbles as supply chain snarls mar forecast in Cook’s last earnings as CEO → Impact: Weighs on tech sector and Nasdaq futures despite strong sales. 2. Amazon lifts tech rebound with strong Q2 results and AWS growth → Impact: Supports tech sector rally and broader market optimism. 3. Coinbase stock sinks as Q2 revenue falls short of estimate → Impact: Adds pressure on crypto-related and fintech stocks. 4. Fed dissenters speak: Why they backed higher interest rates → Impact: Adds uncertainty around future Fed policy, influencing bond and equity markets. 5. Canadian economy grew by a greater-than-expected 0.3% in May → Impact: Positive for North American economic outlook and risk appetite. ## PRE-MARKET MOVERS ### Longs (Bullish Catalysts) **$AMZN** - Strong Q2 earnings and AWS growth boost tech rebound **$GATES** - Shares jump 4% after beating estimates and raising guidance **$SNDR** - Neutral rating maintained but Q2 earnings call shows resilience **$AGCO** - Truist reiterates buy despite lower price target, signaling confidence **$MPWR** - Strong Q2 earnings support chip sector momentum **$SKHY** - Shares surge over 20% as AI rally fuels semiconductor demand ### Shorts (Bearish Catalysts) **$AAPL** - Shares fall 7.4% on supply chain issues and cautious guidance **$COIN** - Q2 revenue miss drags shares lower amid crypto market weakness **$ILMN** - Barclays maintains underweight despite price target raise **$GOOGL** - Data not available but cautious sentiment on tech capex noted **$RBLX** - Recent downgrade and weak bookings outlook pressure shares **$NVO** - Shares tumble 9% after key trial failure ## INDEX BIAS **SPY:** NEUTRAL - Inflation data supports risk assets but tech weakness caps upside. **QQQ:** BEARISH - Heavyweights like **$AAPL** and **$COIN** weigh on Nasdaq 100 futures. **IWM:** BULLISH - Small caps benefit from positive economic data and rotation into cyclicals. ## SECTORS **Favor:** Technology - Supported by Amazon’s strong results and semiconductor rebounds despite Apple’s softness. **Avoid:** Consumer Staples - Procter & Gamble downgraded on weak FY26 earnings and macro risks. ## CATALYST WATCH Events today that could move markets: - 08:30 AM ET: U.S. Initial Jobless Claims - Key labor market indicator after strong July jobs forecast. - 10:00 AM ET: July ISM Manufacturing PMI - Will provide insight into U.S. manufacturing health amid mixed economic signals. ## BOTTOM LINE **Today's Play:** Selective Markets face a mixed backdrop with inflation easing but tech earnings showing cracks. The dominant theme is cautious optimism supported by strong Amazon and semiconductor earnings, offset by Apple’s supply chain challenges and Coinbase’s revenue miss. Traders should focus on tech sector volatility and watch for economic data that could influence Fed policy expectations. Small caps and cyclicals may offer better opportunities amid rotation, but risk remains elevated given geopolitical tensions and Fed dissent.