Ahead of Fed Decision, Big Earnings Wins for Forgotten Names

Economic Indicators - Initial Jobless Claims increased to 221K, slightly above expectations and the previous week's revised figure of 218K, indicating a stable employment picture [2] - Continuing Claims rose to 1.892 million, nearing the 1.9 million mark, with the previous week's figure revised down to 1.853 million, suggesting a tightening in longer-term claims [3] Earnings Reports - UnderArmour (UAA) reported earnings of 30 cents per share, exceeding the 19-cent estimate, resulting in a 57.9% positive surprise, with revenues of $1.4 billion slightly above expectations [4] - Moderna (MRNA) achieved a positive earnings per share of $0.03, a significant surprise compared to the estimated loss of $1.89, with revenues of $1.86 billion, 47.7% above estimates [5] - Planet Fitness (PLNT) posted earnings of 64 cents per share, surpassing the expected 58 cents, with revenues of $292.25 million, 3% above estimates [6] Market Expectations - The Federal Open Market Committee (FOMC) is expected to announce a 25 basis points cut in the Fed funds rate, bringing it to a range of 4.50-4.75%, the lowest since March 2023 [8]