Before the Open (May 3)

Good morning. Happy Wednesday. Happy Fed Day.
The Asia/Pacific markets closed mixed. Japan, South Korea and Singapore did well; Australia and Indonesia were weak. Europe is currently mixed. Poland, Greece and Denmark are leading; Russia, Hungary, Finland and Norway are weak. Futures in the States point towards a down open for the cash market.
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The dollar is down a small amount. Oil is up; copper is down. Gold and silver are down. Bonds are up.
There’s an FOMC meeting and statement today. Despite much of the market flirting with all-time highs, I’d be shocked if they raised. They have already raised twice, and it’s my belief Wall Street would claim they’re moving too fast if they raised again. Assuming they take a meeting off, their statement will still be important. Wall Street is open to higher rates, but they don’t want higher rates too quickly. A couple raises a year for the next couple years would be good with them. Any quicker might cause some stress and anxiety. So if the Fed is someone dovish – they’re taking a wait and see attitude and want to see how geopolitical events unfold – Wall Street should take the news in stride. But if the Fed hints at a need to move quickly because inflation is moving up too quickly, Wall Street is likely to react negatively.
Stock headlines from barchart.com…
Apple (AAPL +0.63%) fell -2.3% in after-hours trading after saying that it is selling fewer phones because consumers are waiting for upgrades on newer models.
Weight Watchers (WTW -0.56%) rallied 13% in after-hours trading after boosting its annual EPS guidance.
FireEye (FEYE -2.16%) rallied 12% in after-hours trading after saying that it expects to be profitable by the end of this year.
First Solar (FSLR +2.61%) rallied 6% in after-hours trading after raising its 2017 guidance, which gave other solar stocks a boost as well.
Mondelez (MDLZ -0.73%)rallied more than 2% in after-hours trading after reporting above-consensus Q1 EPS.
Twilio (TWLO -1.31%) plunged nearly 30% in after-hours trading after cutting its annual revenue guidance.
Akamai Technologies (AKAM +1.66%) fell more than 10% in after-hours trading after its Q2 guidance missed estimates.
Etsy (ETSY +2.98%) fell -10% in after-hours trading after missing Q1 revenue and announcing that its CEO will step down.
Tuesday’s Key Earnings
Altria (NYSE:MO) flat on lower cigarette volumes.
Apple (AAPL) -1.8% AH selling fewer iPhones.
Archer Daniels (NYSE:ADM) -8.9% with weak ag services.
BP (NYSE:BP) +1.3% beating expectations.
ConocoPhillips (NYSE:COP) -1.6% following an adjusted Q1 loss.
Cummins (NYSE:CMI) +6.1% posting strong results.
CVS Health (NYSE:CVS) -3.6% as same-store sales slipped.
Enterprise Products (NYSE:EPD) -0.8% growing profits.
Etsy (NASDAQ:ETSY) -15.7% AH replacing its CEO.
FireEye (NASDAQ:FEYE) +14.7% AH on sunny guidance.
Gilead Sciences (NASDAQ:GILD) -2.5% AH missing estimates.
Mastercard (NYSE:MA) +1.5% increasing transactions.
Merck (NYSE:MRK) +0.5% after boosting guidance.
Mondelez (NASDAQ:MDLZ) +2.9% AH as margins improved.
Pfizer (NYSE:PFE) -0.5% revenues off, reaffirming guidance.
Twilio (NYSE:TWLO) -30.3% AH after a disappointing outlook.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY