Wall Street Breakfast July 27: Federal Reserve Poised for Another 75-bp Rate Hike

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 27 July 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Federal Reserve poised for another 75-bp rate hike — question is 'what next'? Tech helps Nasdaq, S&P, Dow futures climb on Fed Day. Microsoft skids as Q4 results miss expectations, Alphabet: Tough comps ahead, happy with Cloud uptake. U.S. senators introduce bill that would end taxes on small crypto transactions.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Wednesday, July 27th, and I'm your host Julie Morgan.
0:16.2	Our top stories, the FOMC, Microsoft, Alphabet, and crypto, and later Chipotle, PayPal, and Twitter.
0:25.0	The stock market lost ground on Tuesday,
0:27.0	hurt by a disappointing forecast from Walmart
0:30.0	and poorly received earnings from a few other big names.
0:33.2	Eight of the 11 S&P sectors lost ground.
0:35.8	Consumer discretionary led the decline, falling by 3.4%.
0:40.1	Communication services, info tech, and financials all showed notable weakness as well.
0:45.5	Health care, real estate, and utilities all ended modestly higher.
0:49.6	Looking to the bond market, the 10-year Treasury yield dipped two basis points to 2.8 percent, and the
0:55.7	two-year yield rose two basis points to 3.06 percent.
1:01.3	In the earning spotlight today, Humana, Boeing, Meta Platforms, Qualcomm, Bristol-Myers Squibb, Shopify, Ford, and Craft Hines.
1:12.4	In our day watch, reports of large-scale layoffs prompted selling
1:15.8	in shares of Shopify, the stock retreated 14% on the news.
1:20.3	Citing an internal memo, the Wall Street Journal reported that the e-commerce platform plans to cut about a thousand jobs, representing about 10% of its global workforce.
1:30.0	Shop dropped more than $5 to close at $31.55.
1:35.0	With losses posted earlier in the year,
1:37.5	Shop has now dropped 61% in 2022.
1:41.0	Shares of Peloton Interactive fell nearly 10% Tuesday
1:46.0	with the fitness company's stock posting its third straight session of losses.
	...

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