Stocks were up in intraday trading ahead of a decision from the Federal Reserve on interest rates and as investors assessed corporate earnings that have highlighted the coronavirus pandemic's impact on profits.
The Federal Reserve isn't expected to make any major policy changes at the meeting and economists expect the central bank to remain supportive of the economy as the U.S. struggles in its fight against the coronavirus pandemic.
The decision from the Fed on interest rates is scheduled for 2 p.m. ET, followed by a press conference from Fed Chairman Jerome Powell at 2:30 p.m.
Now for earnings…
Starbucks posted a narrower-than-expected third-quarter loss and noted recovery trends in key markets such as China and the U.S. following global store closures during the peak of the coronavirus pandemic.
General Electric posted a wider-than-expected second-quarter loss, but said its cash burn rate is starting to improve, and would likely turn positive by 2021.
Shopify posted stronger-than-expected second-quarter earnings, which is due--in part--to a surge in volumes on its e-commerce platform triggered by the global coronavirus pandemic.
Boeing reported a wider-than-expected loss and said it continues to be affected by the impact of COVID-19 and the grounding of the 737 MAX.
General Motors reported a narrower-than-expected adjusted loss. The coronavirus pandemic shuttered its factories and pummeled sales, leading it to burn through billions in cash.
And then there’s Spotify. The company reported that monthly active users rose 29% from a year earlier but its quarterly loss was wider than expected and revenue missed estimates.
So, with all of that, what’s Jim Cramer watching?
Watch the video above to hear why he thinks markets are reacting to the prospect of a short-term stimulus deal.
Jim Cramer and Katherine Ross are going live on Street Lightning Thursday, July 30 at 10:30 a.m. ET to discuss all things Apple ahead of a very full slate of tech earnings after the bell Thursday.
Have a question about Apple? Comment here for the chance to have your question answered by Jim Cramer or our very own Apple Maven Daniel Martins.