01:42 - Source: CNN
Instagram's story told via #InstaStory
CNN Business  — 

1. Tencent’s gaming win: Tencent can finally make money off new video games again.

The rate hike on Wednesday was a sign of increased confidence in the US economy. Unemployment is low, economic growth is strong, and inflation is relatively stable.

Fed policymakers led by Chairman Jerome Powell unanimously agreed to raise the federal funds rate a quarter percentage point, to a range of 2% to 2.25%.

Investors reacted by pushing the Dow Jones industrial average down 0.4%. The S&P 500 dropped 0.3% and the Nasdaq slipped 0.2%.

Bank stocks were particularly hard hit. Shares in Wells Fargo (WFC), Bank of America (BAC) and Goldman Sachs (GS) shed nearly 2%.

2. Oil rises: Oil prices are rising on fear of disruption to supplies from Venezuela.

H&M said its sales overall rose 9% in the quarter, while online sales jumped 32%. Shares in the company shot up 10% in Stockholm.

Profits slid more than expected, however. H&M blamed the weakness on problems with a new logistics system in some of its biggest markets.

3. Facebook spat: WhatsApp co-founder Brian Acton has harshly criticized Facebook over its approach to privacy.

Acton said in an interview with Forbes that he was unhappy with Facebook (FB)’s approach to monetizing WhatsApp. “I sold my users’ privacy to a larger benefit. I made a choice and a compromise. And I live with that every day,” he said in the interview.

The Acton interview comes just days after Instagram founders Kevin Systrom and Mike Krieger announced they will leave the company. Reports suggest they too had disagreements with Zuckerberg over the direction of their app.

WhatsApp and Instagram are among Facebook’s most high profile acquisitions.

5. Global market overview: US stock futures were pointing lower.

European markets were opened mostly higher, while stocks in Asia ended lower. US oil futures gained 1.3%.

5. Earnings and economics: Carnival (CCL), McCormick (MKC), Rite Aid (RAD) and Scholastic Corp (SCHL) will release earnings before the open.

The US Bureau of Economic Analysis will release its final reading on economic growth in the second quarter. The previous estimate showed a growth rate of 4.2%

The euro was trading 0.5% lower against the dollar as Italy’s populist government prepared to unveil its budget proposal. The plan spark a major conflict with the European Commission, which insists on eurozone countries keeping their deficit at 3% of GDP or less.

The International Monetary Fund announced Wednesday it will increase the size of Argentina’s bailout to $57.4 billion through 2021.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:

Thursday — Rite Aid, Carnival and Accenture earnings; final revision of US second-quarter GDP

1. Tesla reaction: Shares in Tesla shot up as much as 15% premarket after Elon Musk agreed to step down as chairman and pay a $20 million fine to settle a case brought last week by US regulators.