Yahoo Lifestyle Apple stock hits 2019 high, Fed expected to cut rates today: Morning Brief
Wednesday, July 31, 2019
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WHAT TO WATCH
The Federal Open Market Committee (FOMC) will deliver its policy decision at 2 p.m. ET Wednesday, and many are expecting the central bank to cut short-term interest rates for the first time in over a decade, even as recent data pointed to a strong U.S. economy.
Consensus among economists is that the FOMC will announce a 25 basis point cut on Wednesday. Fed Chairman Jerome Powell will hold a press conference following the decision.
Meanwhile on the corporate earnings front, the biggest names releasing results include Credit Suisse (CS), Dine Brands (DIN), Fiat Chrysler (FCAU), General Electric (GE), Humana (HUM), Molson Coors (TAP), Spotify (SPOT) before market open; plus Qualcomm (QCOM), The Cheesecake Factory (CAKE), and Twilio (TWLO) after market close.
TOP NEWS
Apple stock hits 2019 high after earnings beat: Apple (AAPL) reported its Q3 2019 earnings on Tuesday, beating analysts' expectations on the top and bottom lines. The company reported revenue of $53.8 billion versus $53.4 billion expected and EPS of $2.18 versus $2.10 expected. [Yahoo Finance]
US, China end new round of trade talks; no word on progress: U.S. and Chinese envoys met Wednesday for talks aimed at ending a tariff war after President Donald Trump rattled financial markets by accusing Beijing of trying to stall in hopes he will fail to win re-election in 2020. The meeting ended about 40 minutes ahead of schedule. Neither delegation spoke to reporters before U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left for the airport. [Associated Press]
China's service sector activity grows at slower pace: China's services sector activity grew at a slower pace in July, heaping pressure on Beijing which is counting on the sector to help weather a sharp hit to its manufacturers and the economy from the Sino-U.S. trade war. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.7 from 54.2 in June. [Reuters]
Sanders, Warren clash with moderates over 'Medicare for All': The signature domestic proposal by the leading progressive candidates for the Democratic presidential nomination came under attack from moderates in the debate last night. Bernie Sanders and Elizabeth Warren slapped back against their more cautious rivals who ridiculed "Medicare for All" and warned that "wish-list economics" would jeopardize Democrats' chances for taking the White House in 2020. [Associated Press]
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