Mike Santoli’s market notes: Waiting on Fed and tech Big Five, bar high for AMD, volatility eases

Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020.

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Markets idling in an uncommonly narrow range 26 hours ahead of the Fed statement, with the fiscal-package talks ongoing and two days before the big mega-tech earnings dump.
  • A few fast-moving macro trends also on pause: The dollar (weak but oversold) is flat; gold (strong but overbought) is up small after a fresh overnight high; semi and homebuilding stocks (both representing powerful longstanding market leadership) are easing back.
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