The Dow enters trading Wednesday on a nine-day losing streak, the longest stretch of consecutive daily declines for the blue chip index since 1978. Monitor these key levels.
As a host of major central banks hold policy meetings over the next 24 hours, the U.S. Federal Reserve hogs the spotlight but it could be the Bank of Japan that surprises markets. The Bank of England (BoE), Bank of Japan (BOJ), Norges Bank and Sweden's Riksbank announce rate decisions on Thursday, hours after the Fed's announcement on Wednesday. Pricing in Japan implies a 20% chance of a rate hike - but that higher rates are a matter of time with more than 40 bps of hikes priced in by the end of 2025.
General Mills, Inc. (NYSE:GIS) shares are trading lower in the premarket session on Wednesday. The company reported second-quarter adjusted earnings per share of $1.40, beating the street view of $1.22. Quarterly sales of $5.24 billion beat the analyst consensus estimate of $5.14 billion. Quarterly sales were up 2%, driven by higher pound volume, while organic net sales increased 1%. Gross margin was up 250 basis points to 36.9%, driven primarily by Holistic Margin Management cost savings and fa
The Dow lost more than 250 points ahead of the Fed's decision on interest rates. Nvidia stock continued its correction, while Tesla shares jumped.
Nissan Motor (NSANY) stock is booming as the automaker reportedly prepares to explore a merger with Honda Motor (HMC), which would tie up Japan’s second and third-largest automakers.
South Korea's central bank will maintain its inflation target of 2% until the next policy review, as the era of "low-inflation" is unlikely to come in a year or two, the bank's governor said on Wednesday. "The Bank of Korea (BOK), through consultation with the government, has decided to maintain the current price stability target of 2% until the next review," Governor Rhee Chang-yong said. The central bank will continue to assess if there is any need for improvements in its inflation-targeting system, Rhee said at a press conference held after a bi-annual review of the bank's inflation-targeting monetary policy.
Federal Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards. The Fed is set to announce a quarter-point cut to its benchmark rate, from about 4.6% to roughly 4.3%. The latest move would follow a larger-than-usual half-point rate cut in September and a quarter-point reduction in November.
The risk of a US recession hasn't been "extinguished," according to Morgan Stanley's top stock strategist.
"I'm not chip supply constrained," Microsoft CEO Satya Nadella said in a recent interview. Nvidia stock has dropped 7% since the comments.
