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The Dow Jones news today features the last day of July's FOMC meeting and more on the Fed's plan to unwind its massive balance sheet. Dow Jones futures are up 73 points ahead of another busy day of earnings reports, including updates from Coca-Cola Co. (NYSE: KO), Ford Motor Co. (NYSE: F), and Boeing Co. (NYSE: BA).
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Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Wednesday
- The Dow Jones will attempt to build on Tuesday's triple-digit gains, while the S&P 500 will attempt to hit a new record high. The Federal Reserve will also conclude its meeting on monetary policy in afternoon. The central bank is not expected to raise interest rates in July, but Federal Reserve Chair Janet Yellen is expected to offer a bit more clarity into her team's plan to unwind its $4.5 trillion balance sheet. However, markets aren't expecting a full plan on the balance sheet until at least September.
- While the Fed will make a statement at 2 p.m. EDT, there is additional speculation on the Federal Reserve. The news is that President Donald Trump is exploring a replacement for Fed Chair Janet Yellen in the future. The Wall Street Journal reports that Gary Cohn, a top advisor and former Goldman Sachs executive, is the leading candidate to run the central bank in the future.
- On Tuesday, the U.S. Senate passed a resolution to begin debate on a new healthcare law and begin the process of overhauling the healthcare system. However, the Senate overwhelmingly rejected a bill to repeal and replace the Affordable Care Act just hours after moving to debate. Republicans will try to pass a slimmed down version of their "repeal and replace" plan later this week.
- Shares of Facebook Inc. (Nasdaq: FB) will be the talk of the markets today. The company is set to report second-quarter earnings after the bell on Wednesday. Markets will be looking for insight into the company's growth in mobile advertising. Investors are also interested in learning about the performance of its Instagram division, which has been handily beating rival Snap Inc. (NYSE: SNAP).
- Crude oil prices were pushing higher for the third consecutive day after a report that U.S. inventory levels were declining. On Thursday, the American Petroleum Institute reported a drawdown of 10.2 million barrels. The uptick follows after Saudi Arabia announced plans this week to cut exports as part of a broader deal to cap excessive production around the globe. The WTI crude oil price today added 0.9%. Brent crude gained 0.6%.
Four Stocks to Watch Today: CMG, KO, F, AAPL
- Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) added more than 1.3% in pre-market hours after the company topped Wall Street earnings estimates after the bell yesterday. The company also said it was able to track the latest outbreak of a food-borne illness to an employee in Virginia.
- Shares of Coca-Cola Co. (NYSE: KO) slid in pre-market hours after the company topped Wall Street profit expectations by two cents. The company also topped Wall Street revenue expectations and hiked its 2017 forecasts. However, Wall Street seemed unenthused by the report.
There's No Ceiling for Stocks If This Happens
- Shares of Ford Motor Co. (NYSE: F) fell more than 1.8% in pre-market hours despite news that the company topped Wall Street earnings expectations. However, the company remains mired by an overhaul of its executive team and continues to face lower sales. On Tuesday, the company's rival General Motors Co. (NYSE: GM) underwhelmed investors with a report indicating that 2017 sales were slowing compared to the previous year.
- President Donald Trump is in a sparring match with Apple Inc. (Nasdaq: AAPL). According to the president, Apple CEO Tim Cook had promised to build three "big" plants in the United States during a meeting. Trump told The Wall Street Journal that he expected Apple to follow through on its plans in order to help make the president's administration an economic success.
- Look for additional earnings reports from Gilead Sciences Inc. (Nasdaq: GILD), Whole Foods Market Inc. (NYSE: WFM), Buffalo Wild Wings (Nasdaq: BWLD), The Coca-Cola Co. (NYSE: KO), PayPal Inc. (Nasdaq: PYPL), Boeing Co. (NYSE: BA), Las Vegas Sands Corp. (NYSE: LVS), and Hershey Co. (NYSE: HSY).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- New Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Two-Year FRN Note Auction at 11:30 a.m.
- Five-Year Note Auction at 1 p.m.
- FOMC Meeting Announcement at 2 p.m.