The Federal Reserve left Wall Street with little doubt about a first U.S. interest rate cut in seven weeks' time, but multiple cross-currents from the...
The Federal Reserve left Wall Street with little doubt about a first U.S. interest rate cut in seven weeks' time, but multiple cross-currents from the earnings season , Japan and China , and domestic politics all make for a noisy start to August.
The signals sent benchmark borrowing rates tumbling across the world, despite the Bank of Japan's jarring move in the opposite direction earlier on Wednesday. Adding to the sense of monetary easing and ebbing world growth were further signs of China's economy struggling. The Caixin/S&P Global manufacturing PMI fell sharply back into contraction territory, its lowest reading since October and missing forecasts for a continued expansion.
AI-bellwether Nvidia soared 13% and added $330 billion in market cap in just one day - the biggest such gain in history. Other global chipmakers advanced on reports the U.S. government may exempt firms in allied countries from additional chip curbs on China. Partly on dour factory news but also on some disappointing regional earnings, European stocks bucked that trend and fell back earlier.
* US corporate earnings: Apple, Amazon, Intel, Clorox, Prudential Financial, Motorola Solutions, Microchip Technology, Consolidated Edison, Booking, Biogen, Bio Rad, Moderna, Regeneron, Cigna, Ventas, Conocophillips, Dominion Energy, Xcel Energy, Alliant Energy, Coterra Energy, Entergy, Camden Property, Kimco, Federal Realty Investment Trust, Regency Centers, Ameren, Mettler-Toledo, Hershey, GoDaddy, EOG, Gen Digital, AMETEK, Eaton, Intercontinental Exchange, WW Grainger, Southern, etcMeta...
Federal Reserve Mike Dolan Jerome Powell Japan Earnings Season China
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