STOCK MARKET NEWS: Fed minutes signal July rate hike size as inflation persists

U.S. stocks posted modest gains as investors took in the likely hood of another sizeable rate hike from the Federal Reserve at the July meeting, according to the prior meeting minutes. This aimed at curtailing red hot inflation. In commodities, oil slipped nearly 1% to $98.53 per barrel.  

FOX Business host Charles Payne provides insight on trading in the stock market on ‘Making Money.’

Stocks advanced with modest gains after Federal Reserve officials signaled they are weighing a 50 or 75 basis point increase at the July meeting, the minutes from the June meeting showed. Policymakers also say “risks to the economic growth skewed to the downside” as inflation “remains elevated.” 

Dow laggards include Chevron, Caterpillar and Boeing.

U.S. stocks drifted marginally higher in early trading as investors await the latest read on job openings via the JOLTs report and ahead of the Federal Reserve minutes, due at 2pm, for fresh clues on the economy. In commodities, oil continued its drop trading at the $87 per barrel level. 

U.S. equity futures were lower after a
tepid trading session on Wall Street amid worries about a global recession.

Traders and investors will get some insight Wednesday afternoon into last month’s decision by the Federal Reserve to raise interest rates when minutes of the last meeting are released.

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Amazon.com has agreed to add Grubhub to its suite of Prime services in the U.S., in a deal that also gives the e-commerce giant the option to acquire a small stake.

Grubhub’s parent, Netherlands-based Just Eat Takeaway.com NV, said Amazon has an initial option to take a 2% stake in U.S.-based Grubhub, and U.S. Prime members can have their delivery fees waived from select restaurants.

The price of a gallon of regular gasoline slipped on Wednesday morning to $4.779, according to AAA. The price on Tuesday was at $4.80. Gas has declined for 19 straight days. Diesel slipped as well to $5.716 down from $5.726

The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, according to Reuters. The news was announced by Mele Kyari, the head of Nigerian National Petroleum Corp (NNPC). Barkindo, 63, was due to step down at the end of this month after six years in OPEC’s top job. After leaving OPEC, Barkindo was due to join U.S. think tank the Atlantic Council’s Global Energy Center as a distinguished fellow.

Oil prices rose Wednesday morning, bouncing back from a deep selloff. U.S. West Texas Intermediate (WTI)
crude traded at $100 a barrel, after closing below that point for the first time since late April. Brent crude futures traded at $104 a barrel after plunging 9.5% on Tuesday, the biggest daily drop since March. 

Bitcoin traded around $20,000, gaining for back-to-back days heading into Wednesday. The cryptocurrency has gained more than 7% over that period. Bitcoin is down more than 55% year-to-date and down more than 69% from its all-time high set in November. Ether is trading above $1,100. Dogecoin is at 6 cents.