Investors are positioning themselves for some excitement today. They are likely to get it—as we get new numbers on U.S. GDP, a new rate decision from the Fed, and ADP reports on private payrolls.

The FOMC keeps rates steady, but with two dissenting votes. Odds of a rate cut in September fall below 50%. Stocks sell off and yields rise as Chairman Powell speaks.

Wall Street was on track to open with solid gains Thursday on the strength of some blowout quarterly reports from the AI-obsessed technology sector. Futures for the technology-heavy Nasdaq climbed 1.2% before the opening bell,