Hugh Hewitt


Hugh Hewitt

3:00am - 5:00am

Business News

It's an eventful week in the markets, with all eyes on the Fed - which will be discussing the path to normalizing interest rates during the FOMC's two-day meeting.  Second quarter GDP numbers are expected Thursday, so the market will be looking to glean information about the Fed's intentions from the numbers.  A strengthening economy and gathering momentum in the property market are bolstering arguments for higher interest rates to come.  (CNBC)

The commodity sell-off continues.  Copper has slid to a new six-year low, joining gold in a steady trend downward.  Concerns about weaker growth in China have fueled a sell-off.  Crude continues to trade marginally weaker, and the bearish sentiment has even extended to agricultural commodities, where better than expected forecasts for this year's harvest have pressured prices (FT).

Federal regulators have imposed record penalties on Fiat-Chrysler, slapping the company with a $105m fine for recall lapses covering millions of vehicles.  In some cases, the automaker agreed to repurchase recalled automobiles as part of the deal.  (WSJ)

Six firms- Amazon, Google, Apple, Facebook, Netflix, and Gilead Sciences now account for more than half of the $664 billion in value added this year to the Nasdaq.  The situation is similar for the S&P 500: Amazon, Google, Apple, Facebook, Gilead and Walt Disney Co. account for more than half of all of the $199 billion in market-capitalization gains. (WSJ)

S&P 500 futures are down 12 and NASDAQ futures are down 34.  The MSCI international index is down .26%.  Chinese stocks plunged 8.5% (the sharpest percentage fall in 8 years, and the biggest one-day fall on record) as frenzied sellers worry that authorities are pulling back on measures to prop up the market.

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