A divided Fed is expected to hold rates steady, defying Trump's calls for a cut

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The Federal Reserve is widely expected to hold interest rates steady Wednesday amid internal divisions over the path of monetary policy as President Trump and other White House officials intensify their pressure on the central bank.

Investors will be watching to see whether two Fed governors choose to dissent, which would mark the first time that has happened in more than three decades.

Fed governors Christopher Waller and Michelle Bowman have both made a case publicly for a cut at today's meeting.

Michael Feroli, chief economist for JPMorgan, said he expects that Waller will dissent, while Bowman is a closer call, but "we suspect she joins him and dissents dovishly."

Wilmer Stith, senior bond portfolio manager for Wilmington Trust, said one dissent is more likely than two, but he notes that "at the end of the day it doesn't change the fact that the Fed funds rate will remain unchanged and that they will be patient. That's the narrative.” Yahoo Finance reports.

💵 U.S.-China trade talks end without extension of tariff truce, as Trump weighs options:

A potential extension of a tariff pause between the United States and China will not be agreed to until President Donald Trump signs off on the plan, U.S. negotiators said Tuesday.

Trump “has final say on all the trade deals” and the pending tariff truce, Treasury Secretary Scott Bessent told CNBC’s Eamon Javers.

The remarks came after top trade officials for the two countries concluded talks in Stockholm, Sweden, their third round of high-level discussions since May.

“We’re going to head back to Washington, D.C. We’re going to talk to the president about whether that’s something that he wants so do,” U.S. Trade Representative Jamieson Greer told reporters following the talks. CNBC reports.

🥤 Starbucks shares rise as CEO Niccol's turnaround plans gain traction:

Starbucks shares rose over 4% before the bell on Wednesday as the coffee chain's quarterly strong sales beat signaled that CEO Brian Niccol's turnaround plan was bearing fruit.

A simplified menu and investments in store and labor operations were some of the highlights of Niccol's 'Back to Starbucks' initiative since he took the helm in August.

"It seems like the company is planning to be on offense next year once its new operating model is in place," Morgan Stanley analysts said.

Niccol on Tuesday laid out plans to upgrade the aesthetic design of stores, including a lower cost "coffee house of the future" design and pledged more than half a billion dollar in investments in thousands of stores across the U.S. next year. Reuters reports.

👟 Vans parent VF Corp beats quarterly revenue estimates on improving demand:

VF Corp beat first-quarter revenue estimates on Wednesday, helped by an uptick in demand for its apparel and footwear products, sending its shares up about 13% in premarket trading.

The Denver, Colorado-based company's efforts to introduce new collections across brands, including The North Face, helped boost sales, which had been declining over the past few quarters.

VF Corp, which relies heavily on Southeast Asian manufacturing, has been taking steps to soften the tariff impact, such as speeding up production and shipments into the U.S. during the 90-day pause, working with suppliers to cut costs and exploring strategic pricing moves. Reuters reports.

💳 Visa says spending is growing at a healthy rate, but its stock dips after earnings:

Visa Inc. saw stable growth in payment volume during the June quarter, in a sign that consumers are keeping up their spending despite macroeconomic and geopolitical concerns.

The payment-technology company booked 8% growth in payment volume for its fiscal third quarter, matching the rate seen in the fiscal second quarter.

Visa disclosed in Tuesday’s earnings materials that “healthy business driver trends continued through the quarter and into the first few weeks of July.” MarketWatch reports.

🛍️ Amazon still the online retailer of choice as cloud business faces competition:

Amazon will seek to reassure investors on Thursday that its cloud business, a critical driver of profits, is growing at a fast enough clip to offset any pullback in consumer spending that could throttle its retail operations.

The tech giant's revenue likely increased 9.5% in the second quarter to $162.08 billion, according to data from LSEG, accelerating from the first quarter and largely in line with the year-ago period.

Amazon Web Services (AWS), the cloud unit that accounts for less than a fifth of the company's sales but typically about 60% of its profit, likely grew 17% in the April-June period. Yahoo Finance reports.

📊 Insurer Humana raises annual profit forecast, shares climb:

Humana raised its annual profit forecast on Wednesday, as the U.S. health insurer bets on its efforts to rein in higher medical costs that have plagued the sector, sending its shares up nearly 6% in premarket trading.

The company is a top provider of Medicare Advantage plans under which the U.S. government pays private insurers a set rate to manage healthcare for people aged 65 and older, and those with disabilities.

The industry has been battling with persistently high costs for the last two years due to increased use of healthcare services across the government-backed plans.

However, Humana said its medical costs were in line with its expectations. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $REPL: Replimune Group

Total gain: +57.33%

2) $TYGO: Tigo Energy

Total gain: +52.03%

3) $SGD: Safe & Green Development

Total gain: +39.68%

4) $FGF: Fundamental Global

Total gain: +26.68%

5) $LC: LendingClub

Total gain: +23.72%

The closing price of the top three market percent gainers trading near or above $3 on July 29.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $ANPA: Rich Sparkle Holdings

Total gain: +43.79%

The stock appeared to be moving on no notable news.

2) $XPRO: Expro Group Holdings

Total gain: +33.5%

The company reported its financial and operational results for the three and six months ended June 30, 2025, marking its third consecutive quarter of results above expectations, highlighting the company’s continued operational execution. Revenue reached $423 million, exceeding the top end of its guidance range of $410 million. Benzinga reports.

3) $MGRT: Mega Fortune Company

Total gain: +28.5%

The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


VRT: Vertiv Holdings
2Q 2025

Before Market Open
Estimate: 0.830
Actual: 0.950

CHKP: Check Point Software
2Q 2025

Before Market Open
Estimate: 2.230
Actual: 2.370

EDU: New Oriental Education
4Q 2025

Before Market Open
Estimate: 0.340
Actual: 0.610

Time (ET) | Report | Period

8:15 am - ADP employment - July

8:30 am - GDP - Q2

8:30 am - GDP price index - Q2

"Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble."

- Warren Buffett

Sourced in: Berkshire Hathaway Inc. 2008 Annual Shareholders Meeting, Omaha, NE, May 3, 2008.