Here is what you need to know.
- Here comes the Fed. The Federal Reserve is expected to hold its benchmark interest in a range between 2.25% and 2.50%, with Wall Street economists surveyed by Bloomberg seeing just a 2.6% chance of a rate cut.
- Apple beats the street. The tech giant beat on both the top and bottom lines, but iPhone sales slumped 17% year-over-year to $US31.1 billion. Shares were up 5% late Tuesday.
- Uber’s IPO has huge demand. The ride-hailing company’s initial public offering has sold out just three days into its roadshow, Bloomberg reports.
- Eric Schmidt is leaving Alphabet’s board.The former Google CEO will continue as a “technical adviser to Alphabet” and receive an annual salary of $US1, a Securities and Exchange Commission filing showed.
- AMD spikes on earnings. The chipmaker gained as much as 8% late Tuesday after reporting earnings and revenue that topped Wall Street estimates.
- Morgan Stanley cuts its Tesla price target for the 4th time this year. “TSLA shares appear caught in a flywheel of concerns around demand & access to capital driving the share price lower, exacerbating sentiment around demand & access to capital,” analyst Adam Jonas wrote in a note to clients out Tuesday.
- Ray Dalio was the top earner among hedge-fund managers in 2018. Dalio earned $US2 billion in compensation, or about $US228,310 an hour, according to Institutional Investor’s “The Rich List.” Find out who else made it.
- Stock markets around the world were mixed. Hong Kong’s Hang Seng (-0.68%) trailed in Asia and the Euro Stoxx 50 (+0.38%) gained in Europe. The S&P 500 was set to open little changed near 2,948.
- Earnings reports keep coming. CVS, Molson Coors, and Yum Brands report ahead of the opening bell while Cheesecake Factory, Fitbit, Qualcomm, and Square release their results after markets close.
- US economic data is heavy. ADP Employment Change will be released at 8:15 a.m. ET before Markit manufacturing PMI crosses the wires at 9:45 a.m. ET. Then, at 10 a.m. ET, ISM Manufacturing and construction spending are due out. US auto sales will be announced throughout the day. The US 10-year yield was little changed near 2.50%.
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