There is strong performance in the market ahead of the FOMC meeting later this week. The S&P 500 and Nasdaq Composite reached new all-time high levels, while the Doe Jones oscillates around its flatline.

Magnificent Seven names are for the most part moving higher. Tesla (TSLA) is leading the pack, after new broke that Elon Musk bought $1B worth of shares on Friday. Alphabet (GOOG/L) is having an impressive run, with the company being the fourth company to surpass $3 trillion in market cap.

Six sectors are moving higher, Consumer Discretionary (XLY) and Communication Services (XLC) are by far the best performing sectors, supported by solid gains in their largest constituents.  

On the flip side, the laggards are the more defensive sectors, Health Care (XLV) and Consumer Staples (XLP).

Trump is making his second state visit to Britain from Tuesday to Thursday. During this visit the president is expected to announce a nuclear energy deal and a technology deal. The technology deal is expected to include investments and collaboration in key technologies, including AI, semiconductors, telecommunications, and quantum computing.

In addition, President Trump alluded to an agreement with China this morning about the future of TikTok. Trump is set to speak with Chinese President Xi on Friday.

JP Morgan (JPM) released their expectations for the FOMC meeting on Wednesday. They indicate one of the most important aspects of the meeting will be whether comments are dovish or hawkish.

Overall, this is what analysts forecast at the FOMC meeting:

• 85 of 93 analysts forecast 25 bps cut
• 6 forecast no change
• 2 forecast 50 bps cut