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Federal Reserve Holds Rates Steady, Major Indices Drop Significantly
The major averages had a significantly lower finish after the Federal Reserve maintained interest rates. The central bank left the federal funds rate unchanged at 3.50%-3.75%, though three Fed members voted to raise rates by a quarter point. Commenting on the news, Fed Chair Kevin Warsh said that FOMC discussions were "collegial and constructive," adding that inflation issues "cannot be cured in nine weeks." All three major indices ended the trading day at their lowest points, with each down at least 1.5%.Meanwhile, oil prices rose after President Donald Trump told a Fox News reporter that the U.S. will be hitting Iran "hard" in response to recent surprise attacks in the region. The news comes after U.S. Central Command said in a post on X, formerly Twitter, that Islamic Revolutionary Guard Corps forces launched "multiple ballistic missiles in an attempted surprise attack on U.S. forces based in the Middle East." CENTCOM noted that the missiles were successfully intercepted.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Fordprovided areport for Q2Procter & Gamblereportedand provided its core EPS outlook for FY27Seagatereportedand provided guidance for Q1 and FY27CBIZagreed to befor $5BThe Federal Reserve left theat 3.50%-3.75%2. WALL STREET CALLS:Caterpillarat Baird amid growing trend towards regulatory action at targeting data centersCitiFordto Buy on improving momentumCheesecake Factoryto Hold at Jefferies and upgraded to Equal Weight at Morgan StanleyBloom Energyto Buy at Clear Street after pullbackGoldman SachsGeminito Sell, sees a challenging path to profitability3. AROUND THE WEB:Shelland Phillips 66are working on a potential sale of their stakes in the company which owns the Explorer refined products pipeline, Reuters reportsDisneyis dropping GitHub Copilot for OpenAI, Insider reportsUnileverhas agreed to protect employment terms for workers in its European food business for two years following the completion of its merger with McCormickin 2027, Reuters saysNvidiahas signed leases worth up to $50B for a 1GW Texas data center being developed by Hut 8, underscoring its growing role in financing AI infrastructure and securing long-term computing capacity, FT reportsMetaCEO Mark Zuckerberg, in an opinion piece in The Wall Street Journal, argues that the coming era of superintelligence should focus on empowering individuals rather than concentrating AI power in a small number of governments or companies4. MOVERS:Verra Mobilityincreased afterwith Avis BudgetNeoGenomicswas higher afterand raising its revenue guidanceAvantorand ExlServicegained afterParsonsfell afterand lowering its guidance for FY26Bandwidthand Lemonadewere lower after5. EARNINGS/GUIDANCE:Humanareportedand reiterated its FY26 outlookSoFi Technologies, with EPS and revenue beating consensusJohnson Controls, provided guidance for Q4, and raising its outlook for FY26Garrett Motion, with CEO Olivier Rabiller calling it "a strong second quarter"Lennoxand cut its guidance for FY26INDEXES:The Dow fell 1,153.18, or 2.19%, to 51,594.14, the Nasdaq lost 433.97, or 1.74%, to 24,442.94, and the S&P 500 declined 112.63, or 1.52%, to 7,316.15.
Dow Jones Drops 874.35 Points as Oil Prices Surge
The major averages were sharply lower near noon, with the Dow shredding more than 800 points as oil prices surge ahead of the Federal Reserve's upcoming interest rate decision. Meanwhile, chip stocks are extending their decline ahead of a round of big tech earnings that could potentially shape market direction through the remainder of the summer.The Federal Reserve concludes its two-day policy meeting this afternoon, with markets expecting policymakers to leave the benchmark federal funds rate unchanged. The primary focus will be Fed Chair Kevin Warsh's post-meeting press conference for clues on how the central bank views inflation, economic growth and the path of interest rates.Oil prices are extending gains after President Donald Trump told a Fox News reporter that the U.S. will be hitting Iran "hard" in response to recent surprise attacks in the region. The news comes after U.S. Central Command said in a post on X, formerly Twitter, that Islamic Revolutionary Guard Corps forces launched "multiple ballistic missiles in an attempted surprise attack on U.S. forces based in the Middle East." CENTCOM noted that the missiles were successfully intercepted.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Fordprovided areport for Q2Procter & Gamblereportedand provided its core EPS outlook for FY27Seagatereportedand provided guidance for Q1 and FY27Humanareportedand reiterated its FY26 outlookCBIZagreed to befor $5B2. WALL STREET CALLS:Caterpillarat Baird amid growing trend towards regulatory action at targeting data centersCitiFordto Buy on improving momentumCheesecake Factoryto Hold at Jefferies and upgraded to Equal Weight at Morgan StanleyBloom Energyto Buy at Clear Street after pullbackGoldman SachsGeminito Sell, sees a challenging path to profitability3. AROUND THE WEB:Unileverhas agreed to protect employment terms for workers in its European food business for two years following the completion of its merger with McCormickin 2027, Reuters saysCTFN is reporting that GFL Environmental'ssales process has been "very competitive," with at least six private equity groups having submitted takeover proposals, contacts tell The FlyWhile Sonyis set to be a major beneficiary of the launch of Take-Two's"Grand Theft Auto VI," it comes as the company grapples with increasing memory chip prices, Reuters saysNvidiahas signed leases worth up to $50B for a 1GW Texas data center being developed by Hut 8, underscoring its growing role in financing AI infrastructure and securing long-term computing capacity, FT reportsMetaCEO Mark Zuckerberg, in an opinion piece in The Wall Street Journal, argues that the coming era of superintelligence should focus on empowering individuals rather than concentrating AI power in a small number of governments or companies4. MOVERS:Verra Mobilityincreases after reaching awith Avis BudgetNeoGenomicshigher afterand raising its revenue guidanceAvantorand ExlServicegains afterParsonsfalls afterand lowering its guidance for FY26Bandwidthand Lemonadelower after5. EARNINGS/GUIDANCE:SoFi Technologieswith EPS and revenue beating consensusJohnson Controls, provided guidance for Q4, and raising its outlook for FY26Garrett Motion, with CEO Olivier Rabiller calling it "a strong second quarter"Lennoxand cut its guidance for FY26Cognizant, with its CEO commenting that "organic revenue growth momentum continued in the second quarter and was at the high end of our expectations"INDEXES:Near midday, the Dow was down 874.35, or 1.66%, to 51,872.97, the Nasdaq was down 339.00, or 1.36%, to 24,537.91, and the S&P 500 was down 69.26, or 0.93%, to 7,359.52.
Dow, S&P 500, and Nasdaq Futures Decline
Stock futures are lower as investors digest the first wave of megacap technology earnings, with concerns over accelerating artificial intelligence spending outweighing otherwise solid quarterly results. Dow, S&P 500 and Nasdaq futures are all in negative territory before the opening bell, while Treasury yields and oil prices are climbing, adding pressure to equity markets.Alphabet and Tesla set the tone for the session after reporting second quarter results late Wednesday. Alphabet posted record growth in its cloud business and topped earnings expectations, but investors focused on the company's increased capital expenditure outlook as it ramps up AI investments. Tesla also came under pressure after reporting negative free cash flow for the first time in more than two years, reinforcing concerns about margins and the cost of its AI and autonomous driving initiatives.The market's attention has shifted from whether big tech can deliver earnings growth to whether the billions of dollars being poured into AI infrastructure will generate sufficient returns. Investors will continue to monitor upcoming results from Intel and other technology companies for additional insight into AI-related capital spending and demand across the semiconductor supply chain.Geopolitical tensions are also weighing on sentiment after attacks linked to Iranian-backed Houthi militants disrupted shipping near the Bab el-Mandeb strait. Brent crude has climbed toward $100 a barrel, raising fresh concerns about inflation. Higher oil prices have pushed Treasury yields higher, particularly on the short end of the curve.In pre-market trading, S&P 500 futures fell 0.98%, Nasdaq futures fell 1.37% and Dow futures fell 1.0%.Check out this morning's top movers from around Wall Street, compiled by The Fly.UP AFTER EARNINGS -Cleveland-Cliffsup 9%West Pharmaceuticalsup 7%Quest Diagnosticsup 6%RTXup 5%Lockheed Martinup 5%Thermo Fisherup 5%Huntington Bancsharesup 1%Tractor Supplyup 4%McCormickup 1%Nokiaup 1%Honeywellup 1%DOWN AFTER EARNINGS -Alphabetdown 5%STMicroelectronicsdown 13%Tesladown 7%American Airlinesdown 5%Infosysdown 4%T-Mobiledown 4%Dow Inc.down 2%Harley-Davidsondown 1%
McCormick Announces Operating Model Post-Unilever Merger
McCormick & Company (MKC) announced the planned operating model, Executive Team, and secondary listing location for the company following the closing of its proposed combination with Unilever's Foods business (UL), which is expected by mid-2027. Effective upon the transaction closing, McCormick will reorganize into four commercial divisions that are expected to be the reportable segments of the combined company: Americas Consumer; International Consumer; Global Food Service; Global Flavor. Following transaction closing, the combined company's Integration Management Office will remain in place, with a dedicated senior leadership team that will oversee the execution of key integration goals by each commercial division. The office will also focus on overseeing an efficient exit from transition services agreements , which will generally last up to 24 months following transaction closing, as well as synergy realization and the development of a unified organizational culture. As previously announced, upon transaction closing, Brendan Foley will remain Chairman, President and Chief Executive Officer, and Marcos Gabriel will remain Executive Vice President and Chief Financial Officer, of McCormick. To complement its existing NYSE listing, McCormick intends to seek a secondary listing and admission of its shares to trading on the London Stock Exchange at closing. This will facilitate capital flows and enhance overall liquidity for shareholders. As previously announced, the combined company will also have an International Headquarters and maintain substantial presence in the Netherlands. McCormick will retain its primary stock listing on the New York Stock Exchange, and its Global Headquarters will remain in Hunt Valley, Maryland.
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