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According to NBC News: US President Trump plans to meet with Microsoft co-founder Bill Gates.According to Fox News: US Middle East envoy Witkoff said a meeting on the Gaza issue will be held at the White House on Wednesday.On August 27, UBS reported that Federal Reserve Chairman Powells speech at Jackson Hole was "classic Powell style," signaling a higher probability of a September rate cut to offset the drag of trade tariffs, but lacking guidance on a medium-term policy framework for economies facing structural change. While the market welcomed the hint of a rate cut, the bank believes its core message is essentially "data-dependent rhetoric wrapped in flowery rhetoric." UBS noted that Powells failure to offer a stronger defense of the Feds independence could lead to: ① renewed inflation uncertainty; ② a potential additional full percentage point increase in real borrowing costs; and ③ ripple effects on fiscal policy, business investment, housing affordability, household savings, and speculative activity.According to Japans Asahi Shimbun: Japanese Minister of Economic Revitalization Ryo Akasawa is planning to travel to the United States on August 28.On August 27th, the three major U.S. stock indices closed slightly higher as investors shrugged off Trumps dismissal of a Federal Reserve governor—an action that could now lead to legal action. Peter Cardillo, an analyst at Spartan Capital Securities, said, "We have to wait and see how this unfolds. The market seems to be ignoring Trumps dismissal of Tim Cook. Investors are also closely watching tomorrows earnings report from AI chip giant Nvidia."

Dow Futures Decline Ahead of Fed Rate Hike; Earnings Season Accelerates

Charlie Brooks

Jul 25, 2022 11:20

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Following a strong week for key U.S. indices, U.S. stock futures were neutral on Sunday evening as market participants prepared for the busiest week of corporate earnings. The Federal Reserve's interest rate announcement on Wednesday is expected to contain additional rate increases.


At 7:10pm ET (11:10pm GMT), Dow Jones Futures and S&P 500 Futures were down 0.1 percent, while Nasdaq 100 Futures were up 0.1 percent.


After concluding its two-day policy meeting on Wednesday, it is widely anticipated that the Federal Reserve will announce a 75 basis point rate hike the following week. Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), 3M Company (NYSE:MMM), Boeing Co (NYSE:BA), Forward Industries Inc (NASDAQ:FORD), and Intel Corporation (NASDAQ:INTC) are also slated to report quarterly results.


On the statistics front, the GDP estimate for the second quarter is expected to show growth of 0.4%, reversing the decline of 1.6% in the previous quarter. In addition, CB consumer sentiment, new and pending home sales, durable goods orders, and the Chicago, Dallas, Richmond, and Kansas Fed Manufacturing indexes will be monitored closely.


Key benchmark indices sank on Friday as a result of Snap Inc.'s weaker-than-anticipated earnings (NYSE:SNAP). The Dow Jones Industrial Average lost 137.61 points, or 0.4%, to reach 31,893. The S&P 500 slid 0.9% to 3,961.6, while the NASDAQ Composite dropped 1.87% to 11,834.11. The Dow increased by 2% for the week, while the S&P 500 and Nasdaq rose by 2.6% and 3.3%, respectively.


Following the release of earnings, Snap Inc (NYSE:SNAP) shares plunged 39.1% among equities.


Twitter Inc (NYSE:TWTR) climbed 0.8% despite posting below-consensus earnings, revenue, and user growth.


Verizon Communications Inc (NYSE:VZ) shares slumped 6.7% on earnings that fell short of Wall Street's forecasts.


On the bond markets, United States 10-Year interest rates were 2.752%.


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