Fly Intel: Wall Street's top stories at midday
Stock futures moved higher just prior to the open following a report that the U.S. and China were renewing trade talks to avoid a full-out tariff war. The averages opened in positive territory and have moved in a fairly narrow range throughout the morning. The Fed began its two-day FOMC meeting, which will conclude tomorrow and is expected to conclude with no change in interest rates. The BOJ announced the results of its own latest policy meeting, making a tweak to allow 10 year JGB yields to rise to 0.2%, up from a current cap of 0.1%. ECONOMIC EVENTS: In the U.S., personal income increased 0.4% in June, with consumption rising 0.4% too. The Case-Shiller 20-city composite home price index rose 0.72% to 211.94 in May. The Chicago PMI rose another 1.4 points to 65.5 in July. The Conference Board consumer confidence index bounced 0.3 points to 127.4 in July, which was a little better than expected. In Asia, the Bank of Japan policy statement was in-line with expectations. BOJ Governor Haruhiko Kuroda committed to "continuous powerful monetary easing" while taking steps to make its policy more "flexible" and sustainable. China's official PMIs for July fell a bit short of expectations, with the non-manufacturing PMI reading of 54 falling from 55 in June and the manufacturing PMI slipping to 51.2 from 51.5 in June. In Europe, July's consumer inflation figures were a bit hotter than expected, while Eurozone Q2 GDP growth of 2.1% fell a bit short of expectations for a 2.2% growth rate. COMPANY NEWS: Shares of Chipotle Mexican Grill (CMG) are down about 6% near noon after the company closed a store in Powell, Ohio following reports of customer illnesses. The fear about foodborne sickness has weighed on the stock given the company's history, despite Chipotle telling CNBC that it is reopening the restaurant it closed in Ohio and noting that health officials received only two reports of illnesses from customers there... Pfizer (PFE) is up 3% at midday after the drugmaker posted better than expected second quarter sales and profits and raised its FY18 adjusted EPS view. While Pfizer did lower its FY18 revenue outlook, the company said this was due solely to recent unfavorable changes in foreign exchange rates in relation to the U.S. dollar, primarily the weakening of the euro, Chinese yuan and Japanese yen... Procter & Gamble (PG) shares are little changed after the consumer goods giant reported better than expected quarterly earnings and core EPS guidance for its new fiscal year. MAJOR MOVERS: Among the noteworthy gainers was Naked Brand (NAKD), which rose 39% after it announced an agreement with CVS Health (CVS) over its Bendon subsidiary's Heidi Klum line. Also higher were Medpace (MEDP) and Simpson Manufacturing (SSD), which gained a respective 29% and 20% after reporting quarterly results. Among the notable losers was GDS Holdings (GDS), which slid 12% after it was accused of fraud by Blue Orca Capital. Also lower were IPG Photonics (IPGP) and Castlight Health (CSLT), which fell 27% and 26%, respectively, after reporting quarterly results. INDEXES: Near midday, the Dow was up 168.52, or 0.67%, to 25,475.35, the Nasdaq was up 69.22, or 0.91%, to 7,699.22, and the S&P 500 was up 19.20, or 0.69%, to 2,821.80.