Updated from 5:58 a.m. ET
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Here are five things you must know for Wednesday, July 26:
1. -- U.S. stock futures were marginally higher on Wednesday, July 26, and shares in Europe and Asia rose ahead of an announcement from the Federal Reserve on interest rates.
Economists don't expect the central bank to make a change to interest rates -- leaving the federal funds rate at 1% to 1.25% -- though investors will comb through the Fed statement to discern when the central bank could begin to unwind its balance sheet. Most Fed watchers anticipate that process to begin at the Fed's meeting in September at the earliest.
"There's getting close to zero chance of the Fed raising rates before December," Mike Piershale, president of Piershale Financial Group, told TheStreet.
The Federal Reserve's announcement on interest rates is expected at 2 p.m. ET.
Speaking of the Fed, Donald Trump is considering renominating Janet Yellen as the next chair of the central bank but also sees economic adviser Gary Cohn as a top candidate, Trump told The Wall Street Journal in an interview.
The economic calendar in the U.S. on Wednesday includes New Home Sales for June at 10 a.m., and Oil Inventories for the week ended July 21, at 10:30 a.m.
The report from the No. 2 U.S. automaker was the first under new CEO Jim Hackett, who replaced former CEO Mark Fields in May.
Revenue in the quarter was $39.85 billion; analysts expected $37.28 billion.
Ford shares fell slightly in premarket trading.
Coca-Cola (KO) - Get Coca-Cola Company Report reported second-quarter adjusted earnings of 59 cents a share, 2 cents above estimates. Revenue fell 16% to $9.70 billion but still topped forecasts. The stock rose 1.5%.
Earnings reports are also expected Wednesday from Boeing Co. (BA) - Get Boeing Company Report , Facebook Inc. (FB) - Get Meta Platforms Inc. Class A Report , Whole Foods Market Inc. (WFM) , Hershey Co. (HSY) - Get Hershey Company Report , Barrick Gold Corp. (ABX) , Gilead Sciences Inc. (GILD) - Get Gilead Sciences, Inc. Report , Vertex Pharmaceuticals Inc. (VRTX) - Get Vertex Pharmaceuticals Incorporated Report and GlaxoSmithKline PLC (GSK) - Get GlaxoSmithKline Plc Report .
"I said you know, Tim, unless you start building your plants in this country, I won't consider my administration an economic success. He called me, and he said they are going forward."
Meanwhile, Apple supplier Foxconn is still being coy about plans to open a production plant in the U.S., according to a report from CNNMoney.
Trump said the Taiwanese manufacturer plans to build a big plant in the U.S. and is strongly considering putting it in Wisconsin. But Foxconn told CNNMoney on Wednesday that "it is not currently possible to confirm the locations for those potential investments or estimate the number of jobs that might be created."
More of What's Trending on TheStreet:
- AMD Surges in Premarket Trading After Chipmaker Blows Wall Street Away
- No Good Stock Left Behind: Cramer's 'Mad Money' Recap (Tuesday 7/25/17)
- Advanced Micro Devices Could Explode Another 17% Within Hours: Chart
- AMD's Strong Guidance Points to Market Share Gains and More Could Be On the Way
- GM May Slash Six Car Models to Combat Slumping Sales, Avoid Plant Layoffs
4. -- Shares of Advanced Micro Devices Inc. (AMD) - Get Advanced Micro Devices, Inc. Report surged 9.5% in premarket trading on Wednesday after the chipmaker reported better-than-expected second-quarter earnings.
After the closing bell on Tuesday, AMD reported second-quarter revenue of $1.22 billion (up 19% annually) and adjusted earnings per share of 2 cents, beating analysts' estimates of $1.16 billion and break-even profit.
AMD said computing and graphics revenues jumped 51% from a year earlier.
The company also guided for a sequential increase in third-quarter revenue of 23%.
Profit in the quarter was $2.32 a share; analysts had expected Chipotle to report $2.18.
Revenue in the quarter rose $17.1% to $1.17 billion and same-store sales rose 8.1%. Revenue came in shy of analysts' estimates of $1.19 billion.
During the company's conference call, Chipotle CEO Steve Ells touched on the concept of food safety which first plagued the company in 2015, and more recently caused a closure at a Virginia location.
Ells detailed several steps and procedures in conjunction with a plan to strengthen the company's commitment to developing one of the "most advanced" foods safety systems.
Regarding the Norovirus specifically, Ells said that the outbreak last week wasn't related to the company's food supply and that he is disappointed that Chipotle failed in preventing it from spreading.