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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.

Company Raises FY26 Revenue Outlook to $2.39B-$2.42B

Consensus $2.24. Raises FY26 revenue view to $2.39B-$2.42B from $2.3B-$2.33B, consensus $2.33B. Chief Financial Officer Maurizio Nicolelli said, "Our strong second quarter performance, sustained growth momentum and healthy pipeline give us the confidence to increase our organic full-year revenue growth guidance to 13% to 14%. In addition, we are also updating our guidance to include $28.0 million to $32.0 million of anticipated revenue from the iMerit acquisition, which is expected to close on July 31, 2026. We now expect full-year 2026 total revenue to be in the range of $2.390 billion to $2.415 billion, up from our prior guidance of $2.30 billion to $2.33 billion, reflecting 14% to 16% year-over-year growth on a reported basis. We now expect adjusted diluted earnings per share of $2.25 to $2.29, a 16% to 18% increase over 2025, up from our prior guidance of $2.18 to $2.23."