Wall Street may finally be getting a relief rally after stocks (^GSPC) dropped for five consecutive sessions.
Yahoo Finance Senior Columnist Michael Santoli says it's time for a change of direction, especially as investors await tomorrow's announcement following the Fed's two-day policymakers' gathering.
"Five days down, total of about 3% losses for the S&P 500-- it does seem we got very oversold in a hurry and looks like we're at least going to attempt to bounce," he explains. "I really do think the jockeying is going to begin ahead of the Fed meeting."
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Now here are some of the stocks the Yahoo Finance team will be following for you today, including more Dow components out with earnings.
Pfizer (PFE) The pharmaceutical company beat on both the top and bottom lines in the quarter. Pfizer points to new product launches for its strong results. Plus, it is raising the midpoints of its full year guidance to reflect its recent performance and improved business conditions.
Merck (MRK) The other Big Pharma firm out this morning topped profit forecasts, with revenue in line with estimates. Merck says the strong dollar and the selloff of its consumer care division impacted its quarterly numbers. However, it is raising its full-year earnings forecast when currency effects are taken into account.
Dupont (DD) The chemical maker matched analysts' forecasts on quarterly profit...but revenue fell short. Like Merck, Dupont says results were hurt by the negative impacts of the strong dollar. It also saw a steep drop in its performance chemicals division. In addition, the company warns weakness in global agriculture markets will reduce its full year profit.
UPS (UPS) The biggest package delivery company had a solid beat on the bottom line, but revenue missed estimates. Once again, the strong dollar is being blamed...along with a reduction in fuel surcharges. But UPS still saw international operating profit jump 17%.
Ford (F) The automaker handily beat estimates for both earnings and revenue in the period. Ford says it had its best quarterly profit in 15 years thanks to record-setting performance in North America.
JetBlue Airways (JBLU) The airline matched analysts' estimates for second quarter profit, but revenue came in a bit light. JetBlue says it benefited from its fuel hedging, saving almost a dollar a gallon from the same period last year.
Baidu (BIDU) The biggest Chinese internet search company's revenue forecast for the current quarter came in below what analysts had been looking for.
GM China deal
General Motors (GM) is planning a $5 billion initiative with Chinese auto maker SAIC. The companies will develop a new line of Chevrolet vehicles to go on sale in emerging markets starting in 2019.
eBay (EBAY) is ending its one-hour delivery pilot program in the U.S. The service allowed eBay users to place orders at nearby stores, such as Target (TGT) and Best Buy (BBY), and receive their packages within a couple hours.
Presidential candidate Donald Trump just sold his Park Avenue Manhattan apartment for $21 million. And according to the latest analysis by Bloomberg's Billionaires Index, Trump's net worth currently sits at $2.9 billion... nearly $7 billion less than his claimed $10 billion in wealth.
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