All three major benchmarks are sliding before the open
Stock futures are lower this morning, as investors await the Federal Open Market Committee's (FOMC) latest interest rate decision, due out later today. In the meantime, Big Tech earnings are in focus, after reports from Alphabet (GOOGL), Microsoft (MSFT), and Snap (SNAP). All three major indexes are in the red, with futures on the Dow Jones Industrial Average (DJI) down 79 points, following the blue-chip index's 12th consecutive daily win.
Continue reading for more on today's market, including:
- A look at Dow streaks, historically, with Schaeffer's Senior Quantitative Analyst Rocky White.
- Casino stock flashing historically bullish signal.
- Plus, two big names moving after earnings, and WFCs buyback plan.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 957,408 put contacts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.58 and the 21-day moving average stayed at 0.65.
- Coca-Cola Co (NYSE:KO) stock is up 1.2% premarket, after the beverage giant announced better-than-expected second-quarter results and lifted its full-year revenue and profit forecasts due to higher prices and steady demand. Heading into today, KO is down 2.1% year-to-date.
- Teladoc Health Inc's (NYSE:TDOC) second-quarter results also beat estimates, leading a handful of analysts to raise their price targets. TDOC is up 7.6% before the bell, and also looking to break into positive territory for 2023.
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Wells Fargo & Co (NYSE:WFC) stock is up 2.1% in electronic trading, after the bank announced a $30 billion buyback plan. Fresh off a four-week win streak, WFC is up 10.1% since the start of the year.
- Today, after the FOMC's interest rate decision, Federal Reserve Chairman Jerome Powell's presser is due.
Stocks Lower Overseas as Well
Asian markets fell on Wednesday, as investors looked ahead to what could be the 11th U.S. interest rate hike since March 2022. South Korea’s Kospi paced the laggards with a 1.7% drop as consumer services and tech stocks tumbled, while Hong Kong’s Hang Seng shed 0.4%. Meanwhile, China’s Shanghai Composite fell 0.3%, and Japan’s Nikkei settled slightly below breakeven.
European markets are also lower ahead of the stateside interest rate decision. Earnings reports are in focus, too, with Deutsche Bank pivoting lower despite its quarterly win, while Rolls-Royce surged after hiking its 2023 profit forecast. At last check, France’s CAC 40 is down 1.8%, the German DAX is 0.8% lower, and London’s FTSE 100 is off by 0.6%.