Daily Summary: FOMC fails to surprise markets

• Fed leaves rates unchanged

• Wall Street moves higher

• Boeing lowers 787 production rate

• Trump threatens Big Tech

• Pending home sales above expectations

• Gold and silver resume advance

The FOMC decision was the main event of the day. The US central bank left rates unchanged and decided to extend currency swap lines until the end of Q1 2021. Fed said that the virus remains a considerable short-term risk for the economy and that it stays committed to using all of its tools if needed. Overally, neither decision, nor press conference turned out to be a market moving event as Powell stuck to the previous narrative.

Apart from the FOMC decision there weren't any market moving releases scheduled for today. US pending home sales data for June came in slightly above expectations.

US oil inventories data showed a massive decline in crude stockpiles. However, oil prices failed to catch a bid in the aftermath of release as other components of the DOE report were not too optimistic. Nevertheless, crude trades higher on the day. Gold and silver benefited from Fed staying put and regained some of recent losses. Industrial metals are also gaining today.

European stock market indices finished today's session mostly lower. Stocks traded sideways for the major part of the session as investors awaited the FOMC decision. Spanish equities were laggards while stocks in Russia outperformed. US indices launched the session with minor bullish price gaps. Tech stocks experienced a pullback after Donald Trump threatened to target Big Tech with Executive orders should Congress fail to "bring fairness". Nevertheless, pullback was just temporary and indices moved to new session highs during Powell's press conference.

Boeing reported a massive loss and lower than expected revenue. Apart from that, the US planemaker decided to further reduce the production rate of 787 jets and terminate the buyback programme.