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5 things to know before the stock market opens on Thursday July 28

5 things to know before the stock market opens on Thursday July 28

 


A trader works on the floor of the New York Stock Exchange (NYSE) following a Fed rate announcement, in New York on July 27, 2022.

Brendan McDermid | Reuters

Here are the most important information investors need to start their trading day:

1. Stock futures look weak

US stock markets were forecast for a weak open on Thursday after Wednesday’s broad rally. Investors are chewing up the latest round of earnings, which included Facebook parent Meta on Wednesday afternoon and NBCUniversal parent Comcast on Thursday morning. The Federal Reserve decided on Wednesday to raise rates by three-quarters of a point, in line with expectations, to combat a four-decade inflation surge. Fed Chairman Jerome Powell also indicated that the central bank may slow the pace of its rate hikes.

2. GDP and recession vibrations

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022.

Elizabeth Frantz | Reuters

3. JetBlue gets its way

Terminal A at LaGuardia International Airport for JetBlue and Spirit Airlines in New York.

Leslie Joseph | CNBC

It didn’t take long for things to fall into place for JetBlue after Spirit scuttled its deal with fellow low-cost airline Frontier. On Thursday morning, Spirit and JetBlue said they had reached an agreement. If the acquisition is completed, the combination of JetBlue and Spirit would create the fifth largest carrier in the United States. But the deal faces significant regulatory hurdles as the Biden administration pushes a hard line on mergers and acquisitions. CNBC airlines reporter Leslie Josephs breaks it down here.

4. Reality Bites Meta

Facebook parent Meta announced earnings after the bell on Wednesday, and they weren’t pretty. Financial results exceeded expectations in just about every area. Its metaverse and virtual reality unit suffered a big loss of $2.8 billion in the second quarter, and it is expected to show even weaker revenue in the third. The biggest immediate concern, however, is ad revenue. And much like social media rivals Snap and Twitter, Meta, which also owns Instagram, said a slowing economy was weighing on the advertising industry. “It’s always difficult to predict the depth or duration of these cycles, but I would say the situation looks worse than a quarter ago,” CEO Mark Zuckerberg told analysts on a call.

5. Manchin and Schumer reach an agreement

U.S. Senator Joe Manchin (D-WV) walks to the Senate at the U.S. Capitol in Washington, June 7, 2022.

Jonathan Ernest | Reuters

Washington is notoriously slow to get things done, especially when Congress is involved. But sometimes there are also surprises, like the deal that came out of nowhere Wednesday night between Senate Majority Leader Chuck Schumer, DN.Y., and conservative Democratic West Virginia Sen. Joe Manchin. Just weeks ago, Manchin balked at a reconciliation package due to concerns about inflation. The new measure, which is designed to pass the Senate by a simple majority, includes provisions on health care and climate change, as well as deficit reduction (including a minimum corporate tax). CNBC’s Emma Newburger explains the climate provisions of the bill here.

CNBC’s Samantha Subin, Carmen Reinicke, Patti Domm, Leslie Josephs, Emma Newburger, Jonathan Vanian, Kevin Breuninger and Jordan Novet contributed to this report.

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