Investing.com -- Stocks wobbled on Wednesday despite the Federal Reserve living up to expectations and cutting interest rates by another quarter of a percentage point.
Fed Chair Jerome Powell said at a press conference after the rate decision was announced that the central bank was no longer forecasting a recession. Stocks initially bounced after the decision, but then gave back gains.
It was the 11th rate increase by the Fed since early last year as it wrestles inflation back to its 2% target. Powell and the Fed left the door open to another rate increse this year, but said it would proceed according to the data and from meeting to meeting. There will be more inflation and jobs reports before the next policy meeting in September.
"The (Federal Open Market) Committee will continue to assess additional information and its implications for monetary policy," the Fed said in its statement, using wording that didn't change much from its June statement.
Next up are reports on second quarter gross domestic product, due out on Thursday, and inflation in the form of the personal consumption expenditures index, due out on Friday.
Here are three things that could affect markets tomorrow:
1. Mastercard earnings
Payments giant Mastercard Inc (NYSE:MA) is expected to report earnings per share of $2.84 on revenue of $6.2 billion. Investors will be listening for what the company says about credit quality and its outlook for potential loan losses.
2. McDonald's reports
Fast-food giant McDonald’s Corporation (NYSE:MCD) is expected to report earnings per share of $2.78 on revenue of $6.3B, though investors will be listening to what it says about same store sales, consumer spending trends, and food inflation.
3. Comcast earnings
Media giant Comcast Corp (NASDAQ:CMCSA) is expected to report earnings per share of 97 cents on revenue of $30.1B, and analysts will be listening to what executives say about streaming and movie studio operations given the Hollywood strike by actors and writers.