5 things to know before the stock market opens Thursday
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Here are the most important news items that investors need to start their trading day:
1. 13 and 22
The Dow's streak is now up to 13 positive sessions, something Wall Street hasn't seen since 1987. If it hits 14 on Thursday, it'll tie a record that dates back to ... 1897(!), which wasn't long after the index's creation. The Dow rolled to its latest win after the Federal Reserve raised its benchmark rate by a quarter point to its highest point in 22 years. While Fed Chairman Jerome Powell noted that inflation had moderated, he said there was still a ways to go before it's tamed. But, as CNBC's Jeff Cox reports, Powell did leave open the possibility that the Fed holds steady at its September policy meeting. Follow live market updates.
2. McDonald's serves up a win
Grimace of McDonald's, first introduced in the early 1970s. Nick Laham | Getty Images
Thank Grimace. The big, purple McDonald's mascot was the centerpiece of a promotional campaign that went viral on social media and, in turn, drove customers into the company's restaurants, helping produce a strong quarter. It wasn't all Grimace, of course. Sales grew pretty much across the board. China experienced a rebound, while the United Kingdom and Germany also posted robust sales growth. In the U.S., which is the company's biggest market, sales jumped 10.3% in the quarter.
3. Meta flexes
Drew Angerer | Getty Images News | Getty Images
Mark Zuckerberg's Meta topped Wall Street's estimates with its earnings report Wednesday. But what really wowed investors was its guidance for the current quarter, which easily exceeded analysts' views. A good deal of the positivity comes from Facebook's digital advertising revenue rising again. Chinese companies and online retailers are driving this, according to Susan Li, Meta's chief financial officer. It's such a welcome development that investors aren't paying much attention anymore to big losses in the company's metaverse business. Meta stock popped 8% in extended trading. The stock is already up 160% this year as of Wednesday's close.
4. Shell profit slides
Shell, which is aiming to become a net-zero emissions business by 2050, said it was concerned by what it described as a "short-sighted" decision. Mike Kemp | In Pictures | Getty Images
Oil giant Shell reported a steep decline in profit for the second quarter, as commodity prices have fallen globally. Analysts had expected the decline, since profits last year were astoundingly high, but the adjusted profit figure of $5.1 billion came in well below the $6 billion estimate. Shell's results accompanied those of French oil giant TotalEnergies, which also reported a big decline in earnings. TotalEnergies CEO Patrick Pouyanne noted a "favorable but softening oil and gas environment."
5. Higher prices boost Comcast
In this photo illustration, the Comcast Corporation logo is displayed on a smartphone screen. Rafael Henrique | SOPA Images | Lightrocket | Getty Images
Source: CNBC
