Finance
Bureau of Labor Statistics Releases July Consumer Price Index; Futures Traders Put September Fed Hike Odds Near 50%
The July inflation report landed at 8:30 a.m. ET Wednesday, the last major price reading before the Federal Reserve's September meeting under new Chair Kevin Warsh.
Fed Chair Warsh, in First Congressional Testimony, Calls Inflation Fight Unfinished as Soft June CPI Lowers July Rate-Hike Odds
Kevin Warsh told the House Financial Services Committee the Fed has 'no tolerance' for elevated inflation and gave no signal on the July 28–29 decision, hours after a surprise 0.4% June price drop cut market-implied odds of a July hike.
Morgan Stanley and BlackRock Report Second-Quarter 2026 Earnings; BlackRock Assets Reach Record $15.3 Trillion
The two firms reported Wednesday, a day after five large U.S. banks posted record profits, extending a Wall Street earnings season powered by a trading and dealmaking boom while bond yields stay high.
Nasdaq Falls 2.86% as Intel Drops 28.6% on Weak Outlook and Amazon Closes Down 1.41%; Index Ends October Down More Than 5%
On Friday, Oct. 30, the S&P 500 fell 1.82% and the Dow fell 1.09%. Investors weighed AI spending against cash flow after earnings from Intel and Amazon. Outlets disagree on whether the Nasdaq 100 closed in a 'correction.'
U.S. GDP Grew at a 3.4% Annual Rate in the Third Quarter, Above Forecasts; September PCE Inflation Rose to 3.6% From a Year Earlier
The government reports came out Oct. 29, the day after the Federal Reserve held rates on a 10-2 vote. Both dissenters wanted a hike, and markets put the odds of a December hike at roughly 82% to 85%.
Alphabet Falls About 10% Premarket After Search Ad Revenue and Cash Flow Miss Estimates; Microsoft Rises on 48% Azure Growth
Alphabet and Microsoft both reported more AI demand and more AI spending on Wednesday. Alphabet's free cash flow turned negative and missed estimates, while Microsoft's stayed positive. Amazon and Intel report after Thursday's close.
Nasdaq Falls 2.6%, Its Worst Day Since June, as Meta Drops About 7% After Raising Its AI Spending Outlook
The S&P 500 fell 1.2% and the Dow was flat on Thursday, Oct. 22. Meta reported its first negative free cash flow in at least a decade and plans a new non-voting share class. Tesla also fell after beating forecasts, closing down about 3%.
Netflix and SpaceX Report Third-Quarter Results Tuesday; Meta and Tesla Report Wednesday
Analyst forecasts put Tesla's quarterly revenue near $27.9 billion and SpaceX's between $12.74 billion and $12.9 billion, depending on who compiled the estimate; the Federal Reserve meets the following week.
U.S. Producer Prices Rose 1.3% in September and 6.3% From a Year Earlier; Retail Sales Rose 0.8%
Wholesale inflation came in at more than twice the forecast, led by a 20.3% jump in gasoline prices, yet Treasury yields fell and stocks closed higher on Oct. 15. October Fed rate-hike odds were reported between 27% and 34%, depending on the time of day and the source.
August PCE Inflation: 3.4% Overall and 3.0% Core, Below Forecasts, After Bureau of Economic Analysis Method Changes Cut July's Readings
The Commerce Department's price index was flat against a newly revised July, so economists disagree on how much of the 'cooler than expected' result reflects prices and how much reflects new measurement methods.
US and China Announce AI Incident Notification Proposal and Say Trade Board Is Operating, After Eight-Hour New York Talks
Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met September 20 in Manhattan; both sides said the trade body agreed in May is now running, and the AI proposal goes to Trump and Xi at their September 24 Washington summit.