Wall Street Today | Fed minutes may reveal inclinations on size of next rate hike

Betting in financial markets on the size of the next move in September has swung between 50 and 75 basis points on reports alternately showing a stronger-than-expected labor market and inflation below forecasts. The minutes, due out at 2 p.m. in Washington on Wednesday, probably won't settle the matter. But they could indicate what kind of data Fed officials would need to see to favor another "unusually large" increase.

For retailers, the beauty category has become a rare bright spot as people pull back on spending amid surging inflation. Often seen as an affordable luxury, it is the only discretionary retail category with rising unit sales in the first half of the year, according to The NPD Group.

Aramco, officially named Saudi Arabian Oil Co., said its net income amounted to $48.4 billion in the three months ending in June, up from $25.5 billion in the same period a year earlier, because of higher crude-oil prices and stronger refining profit. It is the highest quarterly net income Aramco has posted since it started trading its shares on the Saudi stock exchange in 2019.