The View from 5th Avenue

The View from 5th Avenue – 26 July 2022

Less than 24 hours until the Fed decision, and while investors are waiting with baited breath, the day was far from quiet. With earnings season in full swing, there were a number of results to contend with pre market – Coca-Cola (KO, +1.35%) beat on sales and profits and McDonald’s (MCD, +2.62%) also beat, bringing some optimism to the consumer sector. However, last night Walmart (WMT, -7.63%) pre-announced negatively, as a stark reminder about the inventory issues many still face. GM (GM, -3.4%) beat on revenue and maintained its guidance, but missed on profit estimates – another chip shortage story at play. Energy also remained a key focus, with crude higher on news that Gazprom would cut capacity on the Nord Stream 1 to 20% from Wednesday.

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