Wall Street is on Fed Watch. The Open Market Committee meets today and tomorrow to discuss interest rates, the economy and geopolitical events. It is widely expected that no change in interest rates will take place as the Fed deals with the upcoming U.S. election and mixed economic signals. The decision will be released tomorrow at 2 pm Eastern Time. Apple
U.S. stocks fluctuated on Monday, after the S&P 500 reached a fresh record closing high on Friday, as investors awaited meetings from the Federal Reserve and Bank of Japan this week.
General Electric ( ) says both earnings and revenue came in ahead of expectations in the quarter. It also said it expects revenue to gain 2-4% this year. GE shares have gained 23% in the past 12 months as it transitions away from financials and into industrials. Food companies could struggle today. Both Chipotle ( ) and Starbucks ( ) saw sales fall short. Chipotle has yet to recover from the foodborne illness outbreak last year. Starbucks says it experienced European weakness and its new loyalty program, which rewards dollars spent rather than number of visits, hurt customer traffic. Donald Trump officially accepted the Republication nomination for President in the longest acceptance speech of any candidate ever. In it, he promised to cut taxes and reduce the national debt to help spur the economy.
The Dow Jones Industrial Average has hit a record high 7 days in a row and has been higher for 9 straight days. It's only the 7th time since 1980 that the benchmark index has climbed this many days in a row, according to the New York Stock Exchange. Anheuser Busch Inbev ( ) has won U.S. antitrust approval for its takeover of SABMiller after the maker of Budweiser agreed to give up ownership of the Miller brand. The move is meant to protect craft brewers. Qualcomm ( ) turned in an earnings report that beat Wall Street expectations, leading some analysts to think the telecommunications giant has put recent financial troubles behind it. Both revenue and shipments of chips were better than expected. Existing home sales for June are out. June Leading Indicators are also released. Donald Trump will accept the Republican nomination for President tonight.
U.S. stocks fluctuated as earnings season took focus on Thursday. Quarterly reports continued to come in at breakneck speed with some of the key highlights including American Express , eBay , General Motors , Southwest Airlines , and Biogen .
The Dow Jones Industrial Average clocked its seventh straight record close on Wednesday, as Microsoft shares surged following better-than-expected earnings.
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