Major indices trade marginally lower at the start of the US session

<p>Alphabet shares are higher. Microsoft shares are lower after earnings last night. Both beat but traders are weary about the capital expenditure numbers for Microsoft going forward. Microsoft shares are trading down -3.85%. Google shares are up 5.43%.</p><p>The earnings this morning were mostly beats versus expectations:</p><ul><li><p>Hess Corp (HES) Q2 2023:BEAT. Reported adjusted earnings per share (EPS) of $0.65, surpassing the expected $0.50. Revenue came in at $2.32 billion, beating the estimate of $2.09 billion.</p></li><li><p>Boeing Co (BA) Q2 2023: BEAT. Reported an adjusted EPS of -$0.82, better than the expected -$0.94. Revenue was $19.75 billion, higher than the anticipated $18.45 billion. The company also announced it is increasing the production rate of 737 MAX jets from 31 to 38 per month.</p></li><li><p>Fiserv Inc (FISV) Q2 2023: BEAT. Reported adjusted EPS of $1.81, slightly outperforming the expected $1.79. Revenue came in at $4.76 billion, beating the estimate of $4.54 billion.</p></li><li><p>General Dynamics Corp (GD) Q2 2023: BEAT. Reported an EPS of $2.70, beating the expected $2.56. Revenue came in at $10.2 billion, outperforming the anticipated $9.46 billion.</p></li><li><p>CME Group Inc (CME) Q2 2023: MISS. Reported an EPS of $2.14, which is lower than the expected $2.20. Revenue was $1.4 billion, higher than the anticipated $1.34 billion.</p></li><li><p>Automatic Data Processing Inc (ADP) Q2 2023: BEAT. Reported adjusted EPS of $1.89, surpassing the expected $1.83. Revenue came in at $4.48 billion, outperforming the anticipated $4.39 billion. The company projects adjusted EPS to grow 10%-12% in FY24, and revenue to grow 6%-7%.</p></li><li><p>Coca-Cola Co (KO) Q2 2023: BEAT. Reported an EPS of $0.78, surpassing the expected $0.72. Revenue was $12.0 billion, beating the estimate of $11.75 billion. The company also raised its FY guidance.</p></li><li><p>AT&amp;T Inc (T) Q2 2023: MISS. Reported adjusted EPS of $0.63, narrowly beating the expected $0.60. Revenue came in at $29.917 billion, slightly below the anticipated $29.94 billion. However, the company expressed confidence in achieving its full-year guidance.</p></li><li><p>Hilton Worldwide Holdings Inc (HLT) Q2 2023: BEAT. Reported an EPS of $1.63, outperforming the expected $1.58. Revenue was $2.66 billion, surpassing the anticipated $2.58 billion. Hilton also raised its full-year EPS guidance to $5.91-$6.06.</p></li></ul><p>After the close Meta and Chipotle will highlight the releases.</p><p>Of course, the Fed decision at 2 PM ET will also be a major influence. The Fed is largely expected to increase rates by 25 basis points to 5.5% after skipping for the 1st time in 10 meetings in June. What does Fed Chair Powell say about inflation? What about his expectations for future rate hikes?</p><p>A snapshot of the market 5 minutes into the open is showing:</p><ul><li>Dow industrial average is down -7.31 points or -0.02% at 35430.77. The Dow is up for 12 consecutive days. Again today would equal the longest win streak for the index.</li><li>S&amp;P index is down -9.50 points or -0.21% at 4557.95</li><li>NASDAQ index is down -62.79 points or -0.44% at 14081.77</li></ul><p>In the US debt market, yields are lower:</p><ul><li>2 year yield 4.88% -1.2 basis points</li><li>5 year yield 4.144% -3.1 basis points</li><li>10 year yield 3.872% -3.9 basis points</li><li>30 year yield 3.917% -3.5 basis points</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.