Trump says he hasn’t fired Jerome Powell despite reports
In a meeting with Bahrain’s crown prince, the president denied reports that he would fire Jerome Powell, the chairman of the Federal Reserve System.
US stock futures have been largely unchanged as investors waited for more revenue reports.
Some of the major companies were planning to report before the opening bell included Taiwan Semiconductor Manufacturing, Travellers, GE Aerospace, Abbott Institute, PepsiCo, US Bancorp and Citizens Financial Group. Streaming Company Netflix is scheduled for the end.
At 6am ET, futures tied to the Blue Chip Dow slid -0.08%. The Broad S&P 500 futures added 0.06%, while the Tech-powered Nasdaq futures increased 0.15%.
Investors will also see retail sales data from June and claims that weekly unemployed people understand whether the economy is showing a rift. Retail sales fell more than expected in May, and weekly unemployed claims still show no indication that the labour market is unstable. However, the ongoing claims show that people without work are finishing their jobs longer.
Corporate News
- United missed its second-quarter earnings estimates and lowered its annual earnings forecast per share.
- Sarepta Therapeutics has announced a 36% workforce cut or a “strategic restructuring” plan that includes around 500 employees.
- Monarch Casino & Resort reported a second quarter revenue increase from a year ago.
- According to Bloomberg, Walmart is cutting hundreds of store support and training jobs at Walmart Academy.
Cryptocurrency
Coinbase has announced “base apps” or “all apps” that combine social networking, mini apps, chat, payments and transactions. It all runs on the company’s public blockchain network basis.
Separately, despite the assurances of President Donald Trump’s previous assurance that he would vote for Yes, he failed again to jump the procedural hurdles in Congress.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
