NYSE insider Jay Woods highlighted three key releases for investors to monitor despite a relatively light economic data calendar. The Federal Reserve’s minutes from its June meeting are top of his list. “We’re going to be watching those Fed minutes. Believe it or not, they’re going to be very interesting,” said Woods, chief markets strategist at Freedom Capital Markets.
The Fed maintained its benchmark rate at 3.50%-3.75% during that session but removed its easing bias from the statement. Woods noted that Fed Chairman Kevin Warsh discussed “family infighting” at his first press conference, and the minutes may reveal more about internal divisions. Notably, Warsh abstained from providing a rate forecast while several other FOMC members signaled potential rate hikes later this year.
Woods is also tracking quarterly results from PepsiCo and Delta Air Lines, both due Thursday and Friday respectively. While PepsiCo recently broke a near-term downtrend, shares trading around $141.90 remain below their 50- and 200-day moving averages of $147.18 and $150.08. He advises watching the $148-$150 resistance level, suggesting “it looks like a nice opportunity to fade it” with potential support available on pullback.
For Delta, Woods believes the stock’s recent performance is “getting a little too extended.” The shares have gained 33% year-to-date, significantly outpacing the S&P 500’s 10% gain. “As a technician, you look at these charts, it’s overbought,” he explained. While he sees potential at $86 on a pullback given the stock’s long-term breakout, current levels present difficulty for new positions.
Delta was trading near $92 per share on Monday.
