Federal Reserve’s back-to-back jumbo rate hikes and a report on second quarter growth prior to the start of trading.
Commerce Department data showed the economy contracted by 0.9% over the second quarter. The fastest inflation in four decades has decreases growth prospects. Atlanta Fed’s GDPNow tracker indicates the economy is shrinking at a rate of 1.2%.
Fed Chairman Jerome Powell inferred smaller hikes or even a pause in rate increases. Powell: “While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data we get between now and then”
CME Group’s FedWatch now indicates a 71% chance of a 50 basis point rate hike in September.
In Europe stocks were also given a push from a series of regional blue-chip earnings.
Pfizer, Merck, Comcast, Mastercard, and Honeywell all set to report today. Apple’s June quarter report, as well as that from Amazon, are slated for after the close of trading.
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