Here is what you need to know.
- The Fed’s interest-rate decision is coming. The Federal Reserve is widely expected to keep policy on hold at the conclusion of Wednesday’s two-day meeting, but traders will be paying close attention to any signals about the future rate-hike path.
- The US formally requests Huawei’s CFO be extradited from Canada. The Chinese tech giant Huawei and its CFO, Meng Wanzhou, were indicted Monday for circumventing US sanctions on Iran and stealing trade secrets from T-Mobile.
- Gold hits an 8-month high. The precious metal touched $US1,316 an ounce early Wednesday morning, its highest level since the middle of May.
- iPhone sales crater during Apple’s worst holiday quarter in a decade. iPhone sales plunged 15% in the first quarter, and Apple says weakness from Q1 will likely have an impact on Q2.
- AMD spikes after in-line earnings. AMD shares were up more than 8% ahead of Wednesday’s opening bell after the chipmaker matched Wall Street estimates on both the top and bottom lines and said it expects full-year 2019 revenue to grow by a high single-digit percentage.
- GameStop crashes after its board pulls the plug on a sale of the company. Shares tanked more than 27% Tuesday, to their lowest level since 2005, after GameStop’s board of directors terminated efforts to pursue a sale of the company “due to the lack of available financing on terms that would be commercially acceptable to a prospective acquiror.”
- A US judge rejected Yahoo’s proposed settlement for the largest data breach in history. The settlement offered a $US50 million payout and two years of free credit monitoring for about 200 million people in the United States and Israel, Reuters says.
- Stock markets around the world were mixed. China’s Shanghai Composite (-0.72%) paced the decline in Asia and London’s FTSE (+1.23%) was out front in Europe. The S&P 500 was set to up 0.34% near 2,649.
- Earnings reporting is heavy. Alibaba, AT&T, Boeing, and McDonald’s report ahead of the opening bell while Facebook, Microsoft, PayPal, and Tesla release their quarterly results after markets close.
- US economic data flows. ADP Employment Change will be released at 8:15 a.m. ET and pending home sales will cross the wires at 2 p.m. ET. The US 10-year yield is up 1.2 basis points at 2.72%.
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