Finance
Stock market news: Opening bell, August 1, 2018
Brendan McDermid/Reuters
Here is what you need to know.
The Fed meets. The Federal Open Market
Committee is expected to hold its key interest rate in a range
between 1.75% and 2% at the conclusion of Wednesday’s
meeting.
Trump could more than double his proposed tariffs on $200 billion
of Chinese goods. President Donald Trump is
considering increasing his proposed 10% tariff on $200 billion
worth of Chinese goods to 25%, Bloomberg says.
The conditions that triggered the last stock meltdown are still
in place. A new study from Goldman Sachs says
the constrained liquidity conditions the stock market
experienced in Febraury helped cause and worsen the selloff, and
that those conditions still remain. The bank has two big ideas
for how investors can cover their backs.
Apple impresses, hints at a big September iPhone
launch. The tech giant beat on both the top and
bottom lines and gave revenue guidance that hints a new iPhone
will be introduced in September.
Les Moonves is expected to take questions from analysts during
CBS’ earnings call. Moonves, the CEO and
chairman of CBS, who faces sexual misconduct allegations from at
least six women, plans to make himself available to analysts on
the company’s earnings call on Tuesday, Fox Business reports,
citing people familiar with the situation.
Chipotle tanks after more than 170 people said they fell ill at
an Ohio restaurant. Shares sank 6.83% to
$433.66 apiece, their lowest level in about a month.
MoviePass’ owner tumbles after announcing plan to raise
prices. Shares of Helios & Matheson fell 38% on
Wednesday to less than $0.50 apiece after the embattled movie
service announced a slew of measures designed to shore up
its finances, including higher monthly rates and black-outs on
some of the hottest films.
Stock markets
around the world are lower. China’s Shanghai
Composite (-1.8%) led the losses in Asia and Britain’s FTSE
(-0.91%) trails in Europe. The S&P 500 is set to open little
changed near 2,814.
Tesla reports after the bell. The electric-car
maker is expected to lose an adjusted $2.90 a share on revenue of
$3.97 billion, according to Bloomberg data. Ferrari, Sprint, and
T-Mobile are among the other names reporting Wednesday.
US
economic data keeps coming. ADP Employment
Change will be released at 8:15 a.m. ET before Markit US
Manufacturing PMI and ISM Manufacturing cross the wires at 9:45
a.m. ET and 10 a.m. ET respectively. US auto sales will be
announced throughout the day. The US 10-year yield is up 2 basis
points at 2.88%.
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