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Wall Street will begin unchanged, focusing on earnings and the Fed

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US stock futures were flat on Wednesday following Wall Street snapped its five-session winning streak and a string of record closings for the Dow, S&P 500 and Nasdaq. The Federal Reserve ended its two-day July meeting Wednesday, with a policy statement at 2 p.m. ET and the Fed Chairman. Jerome PowellPress conference at 2:30 p.m. ET. Investors are also getting a flood of earnings to move through, including Big Tech’s numbers following Tuesday. Facebook announces earnings following the Wednesday bell. (CNBC)


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* Mortgage rates just fell to their lowest level in six months, refinancing surged (CNBC)

In the news today

Pfizer (PFE) raises its 2021 sales forecast for a Covid vaccine by nearly 29% to $33.5 billion, as the delta variant spreads and scientists debate whether people need boosters. When releasing better-than-expected quarterly earnings and revenue, Pfizer also said Wednesday that it sold $7.8 billion in Covid snapshots in the second quarter. Pfizer was down about 1% in pre-market trading. (CNBC)

* Biden says mandate for Covid vaccine for all federal employees is under study (CNBC)

Apple Inc (AAPL) fell 1% in pre-market trading following warning that the negative impact of a global chip shortage will worsen this quarter. The warning came following Apple reported a better-than-expected quarterly gain of $1.30. Revenue rose in previous estimates as well, driven by a 50% increase in iPhone sales. (CNBC)

Microsoft (MSFT) beat estimates by nearly 25 cents with quarterly earnings of $2.17 per share, while revenue also beat estimates for continued powerful growth in the company’s cloud computing business. Microsoft has continued to benefit from the pandemic’s shift to work and home learning. Microsoft rose slightly in the Premarket. (CNBC)

Alphabet (GOOGL) earned $27.26 per share final quarter, well overhead estimates. Google’s parent company’s revenue also beat expectations, benefiting from a continued rise in online advertising spending. Alphabet stock jumped nearly 4% in the first market on Wednesday. (CNBC)

Boeing (BA) on Wednesday reported its first quarterly gain in nearly two years, buoyed by an increase in commercial jet shipments as airlines begin to recover from the pandemic. Earnings of 40 cents per share beat estimates of a loss of 83 percent. Revenue of $17 billion also beat expectations. The stock jumped about 3.5% in the primary market (CNBC)

McDonald’s (MCD) on Wednesday reported double-digit growth in alike-store sales in the United States compared to pre-Covid 2019 levels in its final quarter. Strong demand to promote BTS’s unused meal and chicken sandwich boosted these numbers. Earnings per share of $2.37 and revenue of $5.89 billion beat expectations. McDonald’s price has fallen slightly in the market. (CNBC)

* Walmart’s Latest Business: Selling E-Commerce Technology to Other Retailers (CNBC)

Labor unions representing 40,000 American Airlines (AAL) pilots and flight attendants say the company has failed to provide its transport crews with enough transportation or proper hotels during layovers, a trend that in some cases is depriving them of rest. A lack of hotel rooms and lengthy wait times for customer service are also problems for airline customers this summer. (CNBC)

Simone Biles will not protect her all-around gold medal. The 24-year-old has pulled out of the solo competition at the Tokyo Olympics to focus on her mental health. “Simon will persevere to be assessed daily to determine whether she will compete in the individual event finals next week,” USA Gymnastics said in a statement. (NBC News)

* ‘Well I’m not feeling well’: Mental health takes a major role in the Olympics (AP)

stock to watch

Starbucks Inc. (SBUX) earned an adjusted $1.01 per share for its most recent quarter, topping the consensus estimate of 78 percent, with revenue also beating expectations. The coffee chain said rising labor and supply costs could persevere for months to come and the stock fell 2.9% in the primary market.

Visa(V) came in 14 cents ahead of expectations with adjusted quarterly earnings of $1.49 per share. Payment network revenue also exceeded estimates. Visa benefited from a rebound in travel and leisure spending, but the stock fell 1.3% in premarket trading.

Teladoc Health (TDOC) lost 86 cents a share final quarter, more than the 56 percent loss Wall Street had been expecting. Revenue beat expectations, but the stock is pressured by weaker-than-expected membership growth for the telehealth provider. The stock tumbled 9.6% in pre-market trading.

Spotify (SPOT) is down 3% in the primary market, despite reporting a lower-than-expected loss in the final quarter and better-than-expected revenue. The music streaming service noted that its monthly active user numbers are lower than the previous guidance.

Shares of Advanced Micro Devices (AMD) rose 2.3% in pre-market activity as the chip maker expected revenue for the current quarter that was higher than analysts’ expectations. And it expects powerful demand for chips used in game consoles and data centers, following a quarter that saw them beat Street estimates in the top and base lines.

Shopify (SHOP) is up 2% in pre-market trading, following reporting adjusted quarterly earnings of $2.24 per share compared to a consensus estimate of 97 percent. The e-commerce platform provider has continued to benefit from the boom in online shopping.

Mattel (MAT) beat its estimates for the fourth quarter, and it also raised its packed-year forecast. The toy maker expects continued powerful demand for its Barbie and Hot Wheels brands, even as it plans to hoist prices. Shares rose 5.4 percent in pre-market.

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