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Happy Wednesday. From “oil” to “shock,” here are the keywords Kalsi traders expect Federal Reserve Chairman Kevin Warsh to say during this afternoon’s press conference.
It was a mixed day on Wall Street, with stock futures lower this morning.
Here are five important things investors need to know to start their trading day.
1. Read between the lines
On June 17, 2026, Federal Reserve Chairman Kevin Warsh concluded his press conference after the Federal Open Market Committee meeting.
Tom Williams | CQ-Roll Call Inc. | Getty Images
Markets largely expect the Federal Reserve to keep interest rates on hold this afternoon, even though several central bank officials have signaled there may be reason to consider raising rates. That will focus attention on Mr. Warsh’s 2:30 p.m. ET press conference and keep investors closely watching for signs of division within the Fed.
Here’s what you need to know:
2. Ford Fiesta
Aerial view of a Ford pickup truck on display at the Serramonte Ford dealership in Colma, California, on January 6, 2026.
Justin Sullivan | Getty Images
shares of ford Shares rose more than 5% in after-hours trading after the company reported better-than-expected second-quarter profits and raised its full-year profit forecast. However, earnings for the period fell short of Wall Street expectations.
“The most important takeaway from this quarter is that not only is the business performing according to plan, but the business has been able to absorb some of the headwinds that are coming our way,” Chief Financial Officer Sherry House told CNBC’s Phil LeBeau yesterday.
Two fires at aluminum suppliers have caused production problems for the automaker. But House said on a media call that F-Series pickup truck production will continue to recover in the second half of the year, reaffirming the reported $1 billion improvement from last year’s impact.
3. Follow the money
U.S. President Donald Trump speaks at Wheeler High School in Marietta, Georgia, on July 22, 2026.
Saul Loeb | AFP | Getty Images
A CNBC analysis of President Trump’s 2025 annual financial disclosure provides the clearest picture yet of who controls the president’s $850 million investment portfolio.
Here are the disclosures filed with the Office of Government Ethics: JP Morgan Chase, charles schwab, UBS And Stephens Inc. has been sent to at least four of Trump’s eight numbered accounts. CNBC’s findings were corroborated by three industry experts.
Financial experts told CNBC’s Luke Fountain that the deal puts banks in a unique position, given the president’s power to shape financial policy and regulation. Asked about Trump’s outburst, White House press secretary Anna Kelly said, “There is no conflict of interest.”
4. Call now, pay later
A man takes an image of the new iPhone 17 Pro smartphone on display at the Apple Store in Beijing’s Sanlitun district during its launch in Beijing, China, on September 19, 2025.
Maxim Shemetov | Reuters
apple Through the partnership, customers will be able to lease the company’s smartphones and other products. Klarna.
As part of the so-called Upgrade Program, shoppers can lease an iPhone for as little as $17.99 per month for up to two years. As CNBC’s Kiff Lesswing and Mackenzie Sigalos point out, this leasing program follows the company’s recent decision to increase some of its prices.
Yesterday, Apple’s market capitalization reached $5 trillion for the first time. The iPhone maker will report its quarterly results tomorrow, after which Tim Cook will hold his final earnings conference as Apple’s CEO.
5. I just lost it.
A man stretches outside a Nike store in Beijing on June 12, 2026.
Wang Zhao | AFP | Getty Images
nike It once ruled China. Currently, domestic sales are sluggish.
Despite the growing popularity of sports-related products in Japan, Nike’s year-over-year sales have declined for eight consecutive quarters. Business in China, once the company’s fastest growing region, has declined 30% since 2021.
As CNBC’s Gabriel Fonrouge reported, experts say sports apparel makers are losing relevance with China’s consumer base as younger shoppers opt for domestic brands. “In a sense, Nike has become irrelevant,” said Yalin Jiang, a Chinese consumer expert. “I don’t think young people can remember the last new thing they did.”
daily dividend
visa The company plans to cut jobs primarily in its technology and product businesses, according to a memo seen by CNBC. Here are the approximate numbers you should know:
Number of positions eliminated: 2,600 Percentage of employees affected: 7%
—CNBC’s Jeff Cox, Matt Peterson, Ananya Chettiar, Jessica Dickler, Liz Napolitano, Michael Weiland, Luke Fountain, Kif Leswing, Mackenzie Sigalos, Gabriel Fonrouge and Hugh Song contributed to this report.
Luke Fountain helped produce this newsletter. Josephine Rozzelle edited this version.
Disclosure: CNBC and Kalsi have a commercial relationship that includes customer acquisition and minority ownership.
Correction: Apple is scheduled to report quarterly results on Thursday, July 30th. A previous version of this newsletter incorrectly stated that date.
