FOMC meeting, Ford vice chair on hybrid growth: Morning Brief
On Tuesday's episode of Morning Brief, Yahoo Finance's Alexandra Canal and Madison Mills break down the market open and the trading day's top stories, from the Federal Reserve's pending interest rate decision to auto industry growth. The major indexes (^DJI, ^IXIC, ^GSPC) inched lower after the S&P 500 and Nasdaq Composite reached new record highs in Monday's session. Apple (AAPL) stock is on the rise after its "Apple Intelligence" showcase at its Worldwide Developers Conference (WWDC) on Monday. The tech giant revealed a partnership with OpenAI to integrate ChatGPT into Siri. D.A. Davidson Managing Director Gil Luria is bullish on the announcement, believing the new technology will be a catalyst for iPhone sales. The Federal Reserve is kicking off its two-day Federal Open Market Committee (FOMC) meeting, with Wall Street eyeing rate cuts by the end of the year. Yahoo Finance Senior Reporter Jennifer Schonberger explains the details of the Fed's "dot plot" and how it views recent inflation data ahead of the interest rate decision on Wednesday. Franklin Income Advisors chief investment officer Ed Perks believes "there's a fair amount of just normalization in rates that can occur," adding that the Fed will likely leave rates unchanged. The auto industry is making moves as General Motors (GM) has authorized a new $6 billion share buyback program and raised its quarterly dividend by 33%. Meanwhile, Ford (F) saw May sales grow 11.2%, largely driven by a near 65% boost in hybrid sales from a year ago. Ford Vice Chair and CFO John Lawler explains, "Ford+ strategy is really about focusing on our customers and their needs. And you start to see that really come through in the segmentation we did in that Ford Pro customers are distinct from Ford Blue customers, which are distinct from our electric vehicle customers and how we're progressing our strategies in each of those spaces, how we're providing them value, choice, and we're moving the business forward." This post was written by Melanie Riehl
