Before the Bell | Fed's Powell signals half-point rate increase in May

Moomoo Breakfast US wrote a column · Apr 22, 2022 19:47

Hey, mooers! Here are things you need to know before the opening bell:

Market Snapshot

Stock futures were lower in early morning trading Friday as the S&P 500 tried to avoid another losing week amid busy earnings and rising bond yields.

Futures on the $Dow Jones Industrial Average (.DJI.US)$ fell 0.28%, while $S&P 500 Index (.SPX.US)$ futures dropped 0.18% and $Nasdaq Composite Index (.IXIC.US)$ futures were down 0.01%, updated on April 22, 2022 at 7:38 a.m. ET.

Before the Bell | Fed's Powell signals half-point rate increase in May

Top News

Stock Futures, Oil Prices Edge Down

U.S. stock futures ticked lower, suggesting major Wall Street indexes would extend declines that came amid expectations for tighter monetary policy from the Federal Reserve.

Fed's Powell Signals Half-Point Rate Increase in May

Federal Reserve Chairman Jerome Powell signaled the central bank was likely to raise interest rates by a half percentage point at its meeting next month and indicated similar rate rises could be warranted after that to lower inflation.

American Express Posts Earnings Beat and Reaffirms 2022 Guidance

Shares of $American Express (AXP.US)$ rose Thursday after the credit card company posted earnings of $2.73 a share on $11.7 billion in revenue, up 29% from the same period last year. Analysts polled by FactSet were expecting earnings of $2.40 a share on $11.62 billion in revenue.

Verizon Posts Higher 1Q Revenue

$Verizon (VZ.US)$ reported higher revenue in its first quarter but earnings fell. Net income attributable to Verizon fell 12.7% to $4.58 billion. Verizon said earnings came in at $1.09 a share, compared with $1.27 a share. Reported first-quarter earnings consisted of a pre-tax loss from special items of about $1.5 billion, Verizon said.

Volvo Profit Falls on Higher Costs, Russia Provision

$VOLVO(AB) (VOLVF.US)$ posted a below-consensus net profit in the first-quarter and cautioned that production stoppages due to component shortages and supply-chain disruptions will continue.

Gap Shares Down 13.23% in Premarket Trading after Cuts First-Quarter Guidance

$Gap Inc (GPS.US)$ is replacing the head of its Old Navy business and cutting its first-quarter guidance, as increased competition from low-cost rivals forces the value brand to promote more. The company said it would provide updated fiscal 2022 guidance when it reports its first-quarter results on May 26.

CNN+ streaming service is shutting down a month after launching

Elon Musk says he has commitments for $46.5 billion in financing for Twitter deal

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