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Here are five key things could affect Thursday’s trading.
‘MILD RECESSION’ IS HERE: Schork Group director Stephen Schork warned Monday that the U.S. is experiencing a “mild recession” and that the “pull” on energy prices will be greater as the gravity of the fall intensifies.
“We know we have runaway inflation,” Schork noted Monday, arguing that “there are only two ways to attack inflation,” by building supply or destroying demand. , more oil, gas needed natural and fossil fuels in the market.
“It’s the same with food. We’re in a serious situation where we’re not producing enough food, especially when we see this fall harvest and because of the manipulation in this market.”
FORMER CONGRESSMAN AMONG NINE INSIDER TRADING OFFICERS
Schork Group Director Stephen Schork discusses energy markets, arguing that the US is already in a “mild recession”. (iStock)
INFLATION: Walmart cut its profit outlook for the second quarter and full year on Monday, saying rising inflation is weighing on the retail giant. The news sent Walmart shares tumbling after the closing bell. The company announced that it expects adjusted earnings per share for the second quarter to decline by about 8 to 9% and fall to the range of 11 to 13% for fiscal 2023.
KLONDIKE LEAVES THE CHOCO TACO AFTER 4 DECADES ON THE MARKET
Ticker Security Last Change Change % WMT WALMART INC. 132.02 -0.19 -0.14%
FED MEETING STARTS: The two-day FOMC meeting, the Federal Reserve’s fifth policy meeting of the year, begins Tuesday morning. It concludes Wednesday afternoon with the rate decision, policy statement and post-meeting press conference with Fed Chair Jerome Powell.
GOOGLE CO-FOUNDER SERGEY BRIN COULD TAKE $100M IN TESLA STOCK SALES THROUGH REPORTS DOSA HAD A DIFFERENCE WITH ELON MUSK
This May 4, 2021 file photo shows the Federal Reserve Building in Washington. (AP Photo/Patrick Semansky, File/Associated Press)
The Fed is expected to raise the federal funds rate by three-quarters of a percentage point to a range of 2.25% to 2.5%. It would be the central bank’s second consecutive rate hike of 75 basis points (June saw the first 75bp hike since November 1994), following a half-point hike in May and a quarter-point increase in point in March Before that, the funds rate had been in a range of 0% to 0.25% after two emergency cuts in March 2020 in response to the global pandemic.
HUGE EARNINGS REPORT DAY: Five Dow members are scheduled to report second-quarter earnings: 3M, Coke and McDonald’s in the morning and Microsoft and Visa after the close. Before the opening bell, automaker General Motors, industrial conglomerate General Electric, health insurer Centene, package delivery powerhouse United Parcel Service, aerospace and defense heavyweight Raytheon Technologies and the home builder Pulte Group, to name a few.
After the closing bell, Microsoft and Google Alphabet are scheduled to report. Microsoft is expected to say fiscal fourth-quarter earnings per share rose 5.7% from a year ago to $2.29, on a 14% rise in revenue to $52.44 billion. Microsoft divides its operations into three main segments: Intelligent Cloud (Azure, SQL and Windows servers), More Personal Computing (Windows, Xbox, Surface and PC accessories) and Productivity and Business Processes (Office 365, Skype, LinkedIn).
BIDEN SAYS ‘WE WILL NOT BE IN A RECESSION’ BEFORE GDP NUMBERS: ‘GOD WILLING’
Security Ticker Last Change Change % MMM 3M CO. 134.12 0.00 0.00%COKE COCA COLA CONSOLIDATED 494.11 -2.76 -0.56%MCD MCDONALD’S CORP. 250.38 -3.61 -1.42% CORP. 0.57 +0.27%
HOME PRICES, HOME SALES, CONSUMER CONFIDENCE: At 9:00 a.m. ET, the May home price report will be released. There is no estimate for the non-seasonally adjusted 20-city index, but economists polled by Refinitiv expect the seasonally adjusted index to rise 1.5% month-on-month.
For the year, house price growth, as measured by the 20-city index, is expected to cool to 20.6%, down from a record annual increase of 21.2% in April. At 10 a.m., the Census Bureau is expected to say sales of new single-family homes fell 5.2 percent in June to a seasonally adjusted annual rate of 660,000. That would be the fifth decline in six months as higher mortgage rates and record prices put many homebuyers out of the market. For context, April’s reading of 629,000 was the lowest in two years.
A home is for sale in Geneva, Illinois, June 23, 2009. (REUTERS/Jeff Haynes/Reuters Photos)
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Also at 10:00 a.m. ET, the Conference Board will release its consumer confidence index for July. It is expected to fall a point and a half, the third consecutive monthly decline, to 97.2, the lowest since February 2021. Confidence has fallen sharply from a post-pandemic peak of 128.9 in June this year past due to inflation concerns.