Wall Street Today | William Ackman's hedge fund takes stake in Netflix

Facing both turbulent financial markets and raging inflation, the Federal Reserve on Wednesday indicated it could soon raise interest rates for the first time in more than three years as part of a broader tightening of historically easy monetary policy.

In a move that came as little surprise, the Fed’s policymaking group said a quarter-percentage point increase to its benchmark short-term borrowing rate is likely forthcoming. It would be the first rise since December 2018.

Chairman Jerome Powell added that the Fed could move on an aggressive path.

The automaker, headquartered in Austin, Texas, reported fourth-quarter earnings of $2.88 billion, or $2.54 a share, excluding some items, on strong sales of its mass-market models. That was above analysts' estimates of $2.36 a share.

Tesla delivered more than 936,000 vehicles worldwide in 2021, up 87% from the year before and above the 50% average annual expansion projected over the course of several years. But it's now cautioning the shortages that cut sales for most other major automakers will squeeze Tesla, too.

ntel said it expected $18.3 billion in adjusted sales in the first quarter of 2022, beating consensus analyst expectations of $17.62 billion.

Intel's largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts' average estimate of $9.6 billion, according to FactSet.

Intel CEO Pat Gelsinger said in an interview that the annual drop in the group, which includes Intel's PC chip business, was a function of customers and PC makers shifting sales from quarter to quarter. PC sales have been elevated since the start of the pandemic in 2020, including during last year's December quarter.

Federal regulators proposed measures that would significantly increase their visibility into private-equity funds and some hedge funds, the first in a range of plans to expand oversight of private markets.

The Securities and Exchange Commission voted 3-1 to issue a proposal that would increase the amount and timeliness of confidential information that private-equity and hedge funds report to the agency on a document known as Form PF.

The main goal, Chairman Gary Gensler said, is to allow regulators to better spot risks building up in private markets, stepping up an effort that began after the 2008 financial crisis.

Investors and analysts have questioned whether AT&T and its peers can continue racking up new cellphone subscriptions at last year's breakneck pace. Wireless companies have so far lured new clients with deep discounts on new smartphones and by spreading out the cost of the device subsidies over time.

Brent crude futures, the international oil benchmark, topped $90 on Wednesday for the first time since 2014, adding to oil's blistering recovery since its pandemic-era lows in April 2020.

The threshold breakthrough comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.

The contract added more than 2% at one point to hit a high of $90.47 per barrel for the first time since October 2014. However, Brent pulled back slightly in afternoon trading, ultimately settling 2% higher at $89.96 per barrel.

Pershing Square, the fund, said it acquired a stake in Netflix due to a combination of investors' negative reaction to the streaming company's subscriber growth in the fourth quarter and recent market volatility.

"I have long admired Reed Hastings and the remarkable company he and his team have built. We are delighted that the market has presented us with this opportunity," Mr. Ackman said in a tweet.

The humanoid robots will be important to address the labor shortage in the U.S., and their first use will be in Tesla's own factories, Musk said Wednesday on an earnings webcast. Optimus has "the potential to be more significant than the vehicle business over time," he said.