Before the Bell | Tesla is a proven automaker, an unproven tech giant
By Julianna
Hey, mooers! Here are things you need to know before the opening bell:
- Stock futures fell early Thursday after the Dow Jones Industrial Average and S&P 500 turned lower overnight following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting.
- Elon Musk's company has shown it can generate cash selling electric vehicles, but its valuation depends on much more.
Market Snapshot
Futures tied to the $Dow Jones Industrial Average (.DJI.US)$ fell 120 pionts. $S&P 500 Index (.SPX.US)$ futures were down 17.75 points and $Nasdaq Composite Index (.IXIC.US)$ futures were down 68.5 points.
Market Temperature
Fed tees up march interest-rate increase
The U.S. central bank held short-term interest rates steady while signaling intentions to raise them in mid-March, the latest step toward removing stimulus to temper elevated inflation.
U.S. government bond yields rise after Fed announcement
The Federal Reserve keeps short-term interest rates near zero and indicates it is prepared to raise them at its mid-March gathering.
New SEC proposal could steeply increase private-equity reporting, industry says
A new Securities and Exchange Commission proposal would require private-equity firms to report many more transactions than they do now, a prospect that unnerves many in the industry.
Deutsche Bank beats profit expectations, restores dividend
$Deutsche Bank (DB.US)$ posted a rise in fourth-quarter profit. In a further sign the bank has stabilized, it is paying a dividend to shareholders for the first time since 2019.
Facebook's cryptocurrency venture to wind down, sell assets
The Diem Association, formerly known as Libra, is selling its technology to crypto-focused bank Silvergate Capital for $200 million. $Meta Platforms (FB.US)$
Tesla supplier LG Energy hits $99 billion valuation on trading debut
Shares in LG Energy Solution jumped 68% on their first day of trading, after the world's No. 2 maker of electric-vehicle batteries raised about $10.6 billion in South Korea's largest-ever initial public offering.
Tesla is a proven automaker, an unproven tech giant
Elon Musk's company has shown it can generate cash selling electric vehicles, but its valuation depends on much more.
STMicroelectronics plans capacity push after strong final quarter
$STMicroelectronics (STM.US)$ reported strong fourth-quarter results with gross margin of 45.2%, above its recently-issued forecast and outlined plans to invest up to $3.6 billion in capex this year to further increase production capacity.
UBS buys wealthfront for $1.4 billion
The Swiss bank is buying online wealth adviser Wealthfront to reach young clients who are more comfortable transacting on their devices. $UBS Group (UBS.US)$
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Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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