Dow Jones member The Home Depot initially saw its share price spike quite a bit after releasing earnings early Tuesday. The home improvement retailer reported $4.65 in GAAP earnings per share , a 4.5% consensus beat, on $42.92 billion in sales, which surpassed the average forecast by nearly $690 million. will report after the close on Wednesday. Wall Street expects adjusted EPS of $1.06 on revenue of $15.05 billion as analysts have unanimously revised upward this quarter’s profit prospects.
Later in the afternoon on Wednesday, 14:00 EST, the Federal Reserve is slated to release the minutes from its most recent FOMC meeting. The market expects the Fed to pause interest rate hikes at its September meeting, so special interest will be given to any details that counteract that narrative. The most recent range high for the index came on August 1 at 35,679 – squarely within the 35,200 to 35,750 resistance zone that traders had been watching. Since the DJIA recently broke through the top trendline of an ascending wedge formation on July 18, that trendline might turn into support for the index. It comes at 34,712 and is in line with the range high on December 13, 2022.
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