Wall Street Today | Microsoft is selling the metaverse now — and it's helping make robots
MACRO
Bostic Urges Fed Tighten Policy With Care, Avoid ‘Recklessness’
“As we expeditiously return monetary policy to a more neutral stance to get inflation closer to our 2% target, I plan to proceed with intention and without recklessness,” Federal Reserve Bank of Atlanta President Raphael Bostic said on Tuesday. “We have seen throughout the pandemic that events and market shifts can happen quickly.”
Goldman Strategist Says Stocks Will Bottom Once Fed Signals Shift
“It may be necessary for the market to become more confident than it is that financial conditions tightening has been sufficient and that the Fed has delivered and signaled enough tightening,” $Goldman Sachs(GS.US$ strategist Vickie Chang said. “Monetary policy has historically stopped tightening about three months before equities bottom, and shifted to easing about two months afterwards.”
Treasury to Block U.S. Investors From Receiving Russian Debt Payments
Since imposing a raft of sanctions on Russia this year, the U.S. had maintained an exemption allowing U.S. banks and investors to process and receive payments on existing Russian bonds. The Treasury said Tuesday it would allow the exemption to expire on Wednesday.
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SECTORS
Sector ETFs Are Drained at Record Pace With ‘No Door Out’
Roughly $11.9 billion has been pulled from sector exchange-traded funds so far in May, putting the category on track for the biggest monthly drawdown on record, Bloomberg Intelligence data show. That's the first time those ETFs have posted net outflows since September 2020.
New-home Sales in April See Biggest Monthly Drop Since 2013
Sales of newly built homes in April posted their biggest drop in nine years, the latest sign that higher interest rates are reducing buyer demand.
New-home sales fell 16.6% in April from March to a seasonally adjusted annual rate of 591,000, the lowest level since April 2020, the Commerce Department said Tuesday.
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UAE Sends Rare Cargoes of Oil Toward Europe Amid Russia Snub
The oil tanker Moscow Spirit -- hired by TotalEnergies SA's shipping arm -- is sailing toward Rotterdam, Netherlands with a cargo of about 1 million barrels of Emirati crude on board, according to tanker tracking and port agent data compiled by Bloomberg. The same company also has UAE oil on a supertanker that's heading toward Egypt. It's very possible the consignment will end up in Europe as well.
COMPANIES
Microsoft is Selling the Metaverse Now — And It's Helping Make Robots
$Microsoft(MSFT.US$ announced Tuesday that Kawasaki is a new customer for the tech giant's so-called “industrial metaverse”— a fancy way of saying factory floor workers will wear a HoloLens headset to help with production, repairs and managing supply chains. It will use the headsets to help build robots.
Moderna Says It Will Start Developing a Monkeypox Vaccine
$Moderna(MRNA.US$ , tweeted Monday afternoon that it is "investigating potential monkeypox vaccines at a preclinical level." Several stocks of companies that are developing or have smallpox or monkeypox vaccines and treatments jumped in trading on Monday as more people have become aware of the cluster of cases in Europe.
Elon Musk Is Planning a 24-Hour Tesla Restaurant for Hollywood
Four years ago, Elon Musk first tweeted about a “roller skates & rock restaurant” that would double as a charging station for electric vehicles. On May 19, the electric vehicle company submitted documents to the City of Los Angeles for a Tesla diner that would be open 24 hours a day on 7001 W. Santa Monica Blvd. in Hollywood. $Tesla(TSLA.US$
Best Buy Reports Falling Sales, Warns of Tough Year Ahead
Electronics retailer $Best Buy(BBY.US$reported falling sales and profits for the latest quarter and said its results for the current fiscal year will be worse than it had previously predicted amid increased promotions and higher supply-chain expenses.
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Source: Bloomberg, WSJ, MarketWatch, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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