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Today’s the day. For the past 48 hours or so, the Federal Open Market Committee has been meeting and debating whether to lower interest rates one final time this year. This afternoon, the decision will be made.
About 90% of pundits polled seem to be confident the answer will be: Yes. But the very fact that this is not a surprise means investors aren’t reacting much to the prospect of good news. Premarket, the Vanguard S&P 500 ETF (NYSEMKT: VOO) is precisely flat, neither up nor down even 0.1%.
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Multiple companies missed earnings last night.
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Investors don’t care. All eyes are on the Fed today as we await news of the next interest rate cut (or not).
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In earnings news, meme stock GameStop (NYSE: GME) missed earnings by a nickel last night, reporting a Q3 profit of $0.13 per share. Sales likewise fell far short of estimates at $821 million. The stock is down nearly 5% premarket.
Cracker Barrel (Nasdaq: CBRL) also missed, by six cents, following its signage debacle earlier in the quarter. The company lost $0.74 per share in Q1 2026, and revenue was a weak $797.2 million.
Cracker Barrel also guided below estimates for the full year, saying sales will range from $3.2 billion to $3.3 billion, not the $3.4 billion that was expected — and Cracker Barrel stock is down nearly 4% premarket.
Rounding out the bad news, military drones manufacturer AeroVironment (Nasdaq: AVAV) missed by 35 cents last night, reporting fiscal Q2 2026 profit of only $0.44. Revenue beat expectations at $472.5 million, but guidance didn’t. Management warned that it might miss analysts’ forecast $2 billion in sales this year; sales might be as low as $1.95 billion.
AeroVironment stock is down more than 5%.
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