Investors are betting the Fed will use its July meeting to set the stage for a September cut
Yahoo Finance's Jennifer Schonberger reports:
Most Federal Reserve watchers don’t expect the central bank to ease monetary policy this week in Washington DC, but what they do expect is that policy makers will set the stagefor an interest rate cut at their next meeting in September.
Fed officials have said they are getting closer to having confidence inflation is sustainably dropping to their 2% goal. They have also said they are paying more attention to rising unemployment, another sign that cuts may be nearing.
But most Fed watchers say the central bank still needs just a bit more time to be sure, while also preparing the markets for the significant action to come.
"The pressure is growing for them," said former Kansas City Fed president Esther George. "I think that they are going to look at September very seriously. It’s looking to me like we are coming to a time where that decision is more important and it's why I'm more confident."
Read more here.
Mon, July 29, 2024 at 5:00 PM GMT+1
S&P 500, Nasdaq climb back into green territory
Stocks rose on Monday after briefly turning negative during the session.
The Dow Jones Industrial Average (^DJI) was little changed after falling more than 100 points in morning trading.
The S&P 500 (^GSPC) gained 0.2% while the tech-heavy Nasdaq Composite (^IXIC) climbed back into green territory to rise 0.2% after briefly turning negative.
Mon, July 29, 2024 at 4:30 PM GMT+1
Starbucks expected to report weak sales as it pushes popping pearls and value plays
Yahoo Finance's Brooke DiPalma reports:
Starbucks (SBUX) investors are cautious ahead of its Tuesday earnings report.
Its shares are down nearly 28% compared to a year ago, when the coffee giant painted a picture of a resilient consumer with a 10% sales growth, Now, different expectations are on tap.
Q3 revenue is expected to grow 0.37% to $9.20 billion, per Bloomberg consensus estimates. Adjusted earnings per share is expected to be $0.92, compared to $1.00 a year ago.
Read more here.
Mon, July 29, 2024 at 4:27 PM GMT+1
Stocks erase session gains, Nasdaq turns negative
Stocks erased earlier session gains to hover below the flatline on Monday.
The Dow Jones Industrial Average (^DJI) lost roughly 100 points after initially opening higher. The S&P 500 (^GSPC) fell 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) also fell below the flatline after gaining as much as 0.9%.
Mon, July 29, 2024 at 3:45 PM GMT+1
Bitcoin hovers near $69,000 following Trump pro-crypto speech
Bitcoin (BTC-USD) traded near the $69,000 per token level on Monday after former President Donald Trump pushed a pro-crypto agenda at a bitcoin conference over the weekend.
Trump was the keynote speaker at Bitcoin 2024 on Saturday in Nashville, Tennessee. The Republican presidential candidate said he plans to make the US the "cryptocurrency capital of the world" if elected in November. He also proposed the creation of a “national bitcoin stockpile.”
Read more here.
Mon, July 29, 2024 at 3:00 PM GMT+1
McDonald's stock rises despite Q2 earnings miss as consumers pull back on dining out
McDonald's (MCD) shares rose on Monday morning, recovering from an initial negative reaction at the market open following the fast food chain's quarterly results.
Yahoo Finance's Brooke DiPalmareports:
McDonald's customers are tightening their belts again in Q2, as they grapple with paying up for their Big Mac.
On Monday morning, the company reported Q2 earnings that missed Wall Street estimates across revenue, earnings, and same-store sales, proving not even America's most dominant fast food player is immune to the challenging macro conditions.
Read more here.
Shares of the fast food chain initially opened lower, but quickly recovered to gain as much as 3% in early trading.
Mon, July 29, 2024 at 2:30 PM GMT+1
Stocks open higher to kick off big week on Wall Street
Stocks stepped higher on Monday to kick off abig week filled with a Federal Reserve rate decision, the jobs report, and tech earnings.
The Dow Jones Industrial Average (^DJI) moved up slightly, coming off arecent surge of over 650 points. The S&P 500 (^GSPC) added about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.5%.
The Federal Open Market Committee will hold its scheduled two-day meeting this week, with no rate move expected by Federal Reserve officials on Wednesday. Most investors see policymakers waiting until September to cut interest rates.
Big Tech earnings are due this week, including from Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta (META).
Mon, July 29, 2024 at 10:49 AM GMT+1
A morning chart to leave you thinking
And so begins an insanely busy week for investors.
Investors start the week bruised by the surprise tech sell-off last week, which may just be getting going, reports Yahoo Finance's Seana Smith.
RBC strategist Lori Calvasina puts some context around the tech stall-out below.