Wall Street Today | Fed officials signal additional rate rises are warranted to slow economy
MACRO
Fed Officials Signal Additional Rate Rises Warranted to Slow Economy
Federal Reserve officials said they expected to keep lifting borrowing costs through at least early next year to slow the economy and bring down high inflation, pushing back against some investors’ hopes of a milder rate path. "Interest rates are higher, but they're not necessarily tight," Chicago Fed President Charles Evans says.
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US Household Debt Surpasses $16 Trillion on Higher Mortgages
US household debt increased by 2% to $16.2 trillion in the second quarter, with mortgages, auto loans and credit-card balances all seeing sizable increases, according to a report by the New York Federal Reserve Bank.
US Job Openings Fall to 10.7 Million, Lowest Since September
The number of available positions decreased to 10.7 million in the month from an upwardly revised 11.3 million in May, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday. The 605,000 decline was the biggest since April 2020.
SECTORS
OPEC+ Considers Modest Oil-Production Increase, Output Freeze, Say Delegates
OPEC and its allies are considering either a modest increase in oil production or maintaining output at current levels when they meet Wednesday, delegates say, as the alliance seeks more time to assess a possible slowdown in global energy demand.
COMPANY
AMD Stock Slips 6% As Revenue Forecast Dips Below Street Consensus
$Advanced Micro Devices (AMD.US)$ shares declined 6% in the extended session Tuesday after the chip maker's revenue forecast fell below the Wall Street consensus after posting record sales, topping Street expectations and reporting a huge surge in data-center sales.
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PayPal Stock Jumps 11% As Company Confirms Elliott Stake
$PayPal (PYPL.US)$delivered a packed earnings report Tuesday, announcing a new chief financial officer, buyback authorization and cost-savings program, while also confirming that activists at Elliott Management Corp. have taken a stake in the company. PayPal shares jumped 11% in after-hours trading Tuesday.
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Uber Stock Sees Best Day in More Than Two Years After First Cash-Flow Positive Quarter
$Uber Technologies (UBER.US)$ stock closed about 19% higher at $29.25, the best one-day performance since it soared 38% on March 19, 2020. as the ride-hailing and delivery giant's revenue and forecast beat expectations, and as it reported positive free cash flow for the first time.
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Airbnb Stock Falls. Wall Street Hoped for More From Earnings
$Airbnb (ABNB.US)$ shares fell 8% in late trading Tuesday after the short-term real-estate rental service posted second-quarter results about in line with the company's guidance, but apparently not quite as good as investors had hoped.
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Robinhood Lays Off 23% of Staff as Retail Investors Fade from Platform
$Robinhood (HOOD.US)$ is slashing about 23% of its full-time staff as the flashy online brokerage continues to reel from a sharp slowdown in customer trading activity.
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Source: Bloomberg, Dow Jones
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steady Pom pipi : Yes
Mike Hunt : Only way they know how to stop inflation = kill consumer demand. Horrible
MonkeyGee Mike Hunt : so how do you kill consumer demand? oh, make them poor!
Richard6398 : Good