Wall Street Today | Inflation Report Keeps Fed on Aggressive Rate-Rise Path
MACRO
Inflation Report Keeps Fed on Aggressive Rate-Rise Path
The acceleration in inflation last month clinches the case for the Federal Reserve to lift interest rates by at least 0.75 percentage point at its meeting next week and raises the prospect of hefty increases continuing in coming months.
'They Should Do 100': Wall Street Debates the Fed's Next Rate Move
Tuesday's unexpectedly hot inflation reading virtually assured markets that the Federal Reserve will raise rates by 75 basis points next week. Wall Street then began to weigh the chance that the Fed might make a more dramatic statement.
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SECTORS
2-Year Treasury Yield Carves Out Another Almost 15-Year High After August's Inflation Surprise
The two-year Treasury yield reached another November 2007 high on Tuesday, after August’s consumer-price index dashed hopes for a meaningful slowdown in inflation and reinforced expectations that the Federal Reserve will continue to aggressively raise interest rates.
Tech Stocks Crushed in Market Selloff
The six largest U.S. tech companies lost more than $500 billion Tuesday after an unexpectedly high August inflation report sent tech stocks tumbling. The Nasdaq Composite sank 5.16% to end the day at 11,633.5, steeper than any day since June 2020.
U.S. Banks Lost a Record $370 Billion in Deposits Last Quarter
Deposits at U.S. banks fell by a record $370 billion in the second quarter, the first decline since 2018. Deposits fell to $19.563 trillion as of June 30, down from $19.932 trillion in March, according to the Federal Deposit Insurance Corp.
COMPANY
Twitter Shareholders Vote to Approve Elon Musk's Bid to Buy the Company
$Twitter (Delisted) (TWTR.US)$shareholders voted Tuesday to approve Elon Musk's $44 billion bid to buy the company and take it private. The vote comes as Musk is seeking to back out of the deal, leading to Twitter suing him for allegedly breaking the agreement.
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Google Faces $25.4 Billion Damages Payout in Double Lawsuit Over Advertising Practices
$Alphabet-A (GOOGL.US)$ subsidiary Google is reportedly facing damages claims of up to €25 billion ($25.4 billion) in two upcoming court cases in the U.K and the Netherlands over its digital advertising practices.
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Apple Plans to Release New Spots for Ads in App Store by Year-End
$Apple (AAPL.US)$ plans to release new ad "placements" as soon as the holiday season, according to a message sent to developers on Tuesday inviting them to an online session to encourage them to buy ads. The new ad units represent a significant expansion in Apple's advertising inventory, which is focused on its App Store.
Starbucks Enters New Era of Growth Driven by an Unparalleled Reinvention Plan
$Starbucks (SBUX.US)$ introduces three-year financial roadmap in biennial Investor Day, delivering annual 7-9% comparable store sales growth, 10-12% revenue growth, and 15-20% non-GAAP EPS growth.
Source: Bloomberg, Dow Jones, CNBC
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