Happy Wednesday. Today is July 29th and stock futures are flat ahead of the Fed decision and Big Tech testimony. Four tech giants gird for tough hearing in house antitrust probe and most swing-state voters are supporting extending the $600 weekly unemployment benefit. Boeing reports a big net loss of $2.4 billion and lower weekly mortgage demand hints at a possible pullback by first-time homebuyers.
Stock futures were little changed early Wednesday as investors awaited a congressional hearing on antitrust in Big Tech as well as the Federal Reserve’s latest policy decision.Dow Jones Industrial Average futures rose just 5 points, or less than 0.05%. S&P 500 futures gained 0.1% and Nasdaq 100 futures advanced 0.4%.
As the Federal Reserve winds down its two-day meeting Wednesday, it likely discussed moves it can take at its September meeting. Fed Chairman Jerome Powell is expected to reinforce that the Fed will do whatever it can to help the economy and labor market heal.Markets are watching the Fed but may focus more on what Congress is doing with its trillion dollar plus stimulus package.
Chief executives from four of the biggest U.S. technology companies will face a moment of reckoning Wednesday in an extraordinary joint appearance before Congress that will air bipartisan concerns that they are using their dominance to crush rivals at the expense of consumers. The House antitrust subcommittee will hear testimony livestreamed from Amazon.com Inc.’s Jeff Bezos, Facebook Inc.’s Mark Zuckerberg, Alphabet Inc.’s Sundar Pichai and Apple Inc.’s Tim Cook as part of its yearlong inquiry into technology industry competition. The panel is armed with more than a million pages of internal company documents gathered as part of its probe.
Most swing-state voters support extending $600 weekly unemployment benefit, CNBC/Change Research poll finds
Most voters in six key 2020 election states support an extension of the $600 per week unemployment benefit, along with another direct payment and state and local government relief, according to a new CNBC/Change Research poll. A majority of respondents also opposes shielding corporations from coronavirus-related lawsuits, the survey found.Those issues will be among the most contentious as Republicans and Democrats try to strike an agreement on a pandemic relief bill.
Boeing posts net loss of $2.4 billion and slows aircraft production amid coronavirus-weakened demand
Boeing reported a $2.4 billion loss for the second quarter Wednesday and said it plans to slow production of its main commercial aircraft as the coronavirus pandemic hurts demand for new planes and its best-selling 737 Max jets remain grounded.
Consumers can now include their Netflix on-time payment history on their Experian Boost accounts, which can help improve their credit scores.“We know consumers are watching more television, and we also know that many consumers are also cutting cable and moving to streaming services, so it’s the right time for us to look at including a service like this,” Jeff Softley, D2C president at Experian Consumer Services, tells CNBC Select. Experian Boost is a free service that helps you improve your credit score by paying monthly bills on time
Mortgage applications to purchase a home were 2% lower last week than the previous week but a strong 21% higher annually.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 3.20%.However, the average rate for FHA-backed 30-year fixed rate mortgages jumped to 3.27% from 3.13%.