Wall Street awaits FMOC meeting minutes
Wall Street futures suggest solid opening bell gains on Wednesday as investors await the Federal Reserve to release minutes from its July policy meeting at 2:00 p.m. ET.
The central bank cut interest rates by a quarter-percentage point in July, a move aimed at keeping the record-long economic expansion going by shielding the economy from growing global risks.
However, Fed Chair Jerome Powell ruled out additional rate cuts this year at a press conference following the meeting. Powell said the cut was just a “midcycle adjustment,” leaving investors disappointed.
Investors will be reading the minutes of the July 30-31 FOMC meeting closely for clues to what policymakers may do next.
At around 5:03 a.m. ET, the Dow futures contract was seen gaining 167 points, or 0.64% to 26,098.0, the tech-heavy Nasdaq 100 Futures contract gained 67.25 points, or 0.88% to 7,735.25, the S&P 500 futures contract rose 20.63 points or 0.71% to 2,918.88.
Walmart sues Tesla for “gross negligence” after a string of solar panel system fires
Walmart Inc (NYSE: WMT) has filed a lawsuit against Tesla Inc (NASDAQ: TSLA), accusing the electric automaker of “gross negligence” after its solar panels allegedly caught fire on the roofs of at least seven Walmart stores between 2012 and 2018.
The retail giant alleges Tesla displayed widespread, systemic negligence including inadequate safety practices and inspections, according to the suit filed Tuesday in New York.
Walmart says the fires caused millions of dollars in damage and is now seeking to have Tesla remove the solar panels from more than 240 Walmart stores across the U.S., and recover the costs related to the fires and other damages.
Shares of Tesla were down 0.34% to $225.10 in premarket trade.
Existing home sales data for July due today
The U.S. National Association of Realtors will report July existing home sales numbers at 10:00 a.m. ET today. Forecasts compiled by the Wall Street Journal expect the report to show sales in July jumped 2.3% from June to 5.39 million units at a seasonally adjusted annual rate.
More retail earnings
More retailers are set to publish quarterly earnings results as the second-quarter earnings season winds down. Target Corp (NYSE: TGT) and Lowe’s Companies, Inc (NYSE: LOW) will report ahead of the opening bell, while L Brands, Inc (NYSE: LB) and Nordstrom Inc (NYSE: JWN) announce after the close.
