Dow futures down 80 points, U.S. market news July 26

Dow futures contract was down 80 points, or 0.2%, at 06:30 ET (10:30 GMT), the S&P 500 futures contract was down 8 points, or 0.2%, and the Nasdaq 100 futures contract was down 45 points, or 0.3%.

Today’s main U.S. market news-

1. What’s influencing markets are the impending Fed decision, Microsoft and Alphabet results.
2. Microsoft and Alphabet earnings were mixed, and the Fed is expected to make a judgment.
3. AT&T exceeds free cash flow projections due to expense reduction and subscriber growth.
4. Hilton increases its full-year earnings prediction due to robust travel demand.
5. Key credit measures in the United States that will influence the Fed’s policy decisions
6. For the time being, US machinery manufacturers expect to earn a lot of money, but an inventory glut is looming.
7. Rogers Communications in Canada falls short of its quarterly revenue projections.
8. Canada’s Trudeau intends to reshuffle his government in order to focus on the economy.
9. Coca-Cola’s earnings were $0.06 higher than expected, and revenue above expectations.
10. Visa outperforms expectations as cross-border spending improves earnings; considered a fundamental LT holding
11. Otis Worldwide’s earnings were $0.06 more than expected, and revenue above expectations.
12. TE Connectivity’s earnings were $0.11 higher than expected, but revenue fell short of expectations.
13. Allegion PLC’s earnings were $0.04 higher than expected, but revenue fell short of expectations.
14. Dow futures fall after Microsoft and Alphabet post profits.
15. Oil falls as the Fed raises interest rates; US inventories are under scrutiny.
16. Gold holds steady ahead of the Fed announcement, but copper cools off China’s boost.
17. Alphabet’s second-quarter earnings beat expectations; shares rise
18. Microsoft’s fourth-quarter earnings beat expectations as cloud growth soars.
19. AT&T, Coca-Cola, and Meta Platforms earnings: three things to keep an eye on
20. NextEra Energy’s earnings were $0.06 higher than expected, and revenue above expectations.
21. As the Alzheimer’s medicine launch nears, Biogen plans to reduce 1,000 workers in order to save money.
22. PACCAR’s earnings were $0.15 more than expected, and revenue exceeded expectations. 

GLOBAL NEWS 

1. The Nifty 50 is up 0.50% at the closing of trade in India.
2. The Nikkei 225 is up 0.01% at the closing of trade in Japan.
3. Australia’s stocks are higher at the close of trading, with the S&P/ASX 200 up 0.85%.
4. European markets fall as LVMH weighs in before the Fed rate decision.
5. In the second quarter, European consumer goods manufacturers exercised pricing power.
6. In the wake of the current engine scandal, IndiGo claims it is working with Pratt & Whitney.
7. Hyundai Motor raises its full-year forecast as Q2 earnings rises 15%.
8. Strong earnings overcome pre-Fed gloom, sending Indian equities soaring.
9. Stellantis outperforms expectations and looks to minimise costs to maintain good margins.
10. Asia’s stocks fall as markets anticipate a Fed rate hike and keep an eye on China.
11. Asia FX falls as the Fed hike approaches, while the Australian dollar falls on dismal CPI.
12. Santander Brasil’s second-quarter net profit rose 5.5%.
13. Australia fined Meta, the owner of Facebook, $14 million for improper data harvesting.
14. CPI inflation in Australia fell further in Q2, increasing the likelihood of an RBA pause.
15. Televisa de México reports a significant Q2 loss due to a Univision JV decrease and satellite disconnections.
16. Nissan nearly doubled its operational profit in the first quarter.
17. Aston Martin generates a reduced quarterly deficit and maintains its 2023 estimate.
18. Porsche declares a 10.7% increase in operational profit in the first quarter.
19. The Bank of England’s interest rate is expected to reach 5.75% by the end of the year, according to a Reuters poll.

Economic data

• The Consumer Confidence Index for July was published at 117.0, compared to a consensus of 111.8, while June was revised upward to 110.1 (prior 109.7); the present situation index was 160.0 in July, compared to 155.3 in June, and the expectations index was 88.3 in July, compared to 80.0 in June (previous 79.3).

• Richmond Fed services revenues index was -2 in July vs. -8 in June; shipments were -6 vs. -5 before; employment was +5 vs. -1 prior; and new orders were -20 vs. -16 prior.

• S&P May CoreLogic CS 20-City Home Prices were -1.7% YoY versus -2.3% consensus and 1% MoM versus 0.7% expected. The HPI stood at -0.46%. The May FHFA House Price Index increased 0.7%, compared to the 0.6% projected.

Economic Calendar

• 7:00 AM ET             MBA Mortgage Applications Data
• 10:00 AM ET           New Home Sales M/M for June
• 10:30 AM ET           Weekly DOE Inventory Data
• 2:00 PM ET             FOMC rate decision, expected to raise by 25-bps to 5.25%-5.5%
• 2:30 PM ET              Fed Chair Holds Press Conference Following FOMC Meeting

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