What to Watch Wednesday: Facebook Earnings, Federal Reserve Statement

The markets await Facebook's quarterly results and the Federal Reserve's July policy statement on Wednesday, July 27.
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The markets await Facebook's (FB) - Get Report quarterly results and the Federal Reserve's July policy statement on Wednesday, July 27. Analysts expect the social media giant to post earnings of $0.81 a share on sales of $6.01 billion, after the markets close. During the same quarter a year ago, the company reported net income of $0.50 a share on sales of $4.04 billion. Other notable earnings include Boeing (BA) - Get Report , Coca-Cola (KO) - Get Report and Mondelez (MDLZ) - Get Report , which all report results before the markets open. On the economic calendar, all eyes are on the Federal Reserve's July policy statement, released at 2pm Eastern. This is the Fed's first meeting since the all-important Brexit vote back on June 23. Experts don't expect the central bank to announce a rate hike. 'I would look for some nuances in the statement that suggest that a September [rate hike] is on the table,' said Liz Ann Sonders, chief investment strategist at Charles Schwab. 'We do think September is on the table if the data continues to come out better than expectations.' Aside from the Fed, June durable goods orders are released at 8:30am Eastern, along with June pending home sales at 10am. TheStreet's Scott Gamm reports from Wall Street.