Wall Street Today | Powell Sees Higher Peak for Rates, Path to Slow Tempo of Hikes
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Powell Sees Higher Peak for Rates, Path to Slow Tempo of Hikes
Addressing reporters Wednesday after the Fed raised rates by 75 basis points for the fourth time in a row, Powell said "incoming data since our last meeting suggests that ultimate level of interest rates will be higher than previously expected." Powell said it would be appropriate to slow the pace of increases as soon as the next meeting or the one after that.
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Guggenheim's Minerd Sees No Fed Pivot, Expects Market 'Damage'
On the heels of the Federal Reserve announcing another 75-basis-point rate hike, Scott Minerd, global chief investment officer at Guggenheim Investments, said that the move was not a sign that the central bank will slow its campaign to reach price stability. "I would not call this a pivot today," Minerd said. "I think that the slowing of tightening is not an easing."
SECTORS
Goldman Expects European Natural Gas Prices to Tumble 30% in the Coming Months
The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. It traded at around 120 euros per megawatt hour on Tuesday. But Goldman Sachs expects this benchmark to fall to 85 euros per megawatt hour in the first quarter of 2023, according to a research note published last week.
US Holds Quarterly Debt Sales Steady, Ponders on Buybacks
The US Treasury halted the longest string of cutbacks to its quarterly sales of longer-term debt in about eight years, showcasing the end of a period of historic reduction in the fiscal deficit. The Treasury Department also said it plans further investigation into a potential programme to buy back older securities.
COMPANY
Qualcomm Shares Fall 7% on First-Quarter Guidance, Hiring Freeze Announced
$Qualcomm (QCOM.US)$ shares fell 7% in extended trading on Wednesday after the chipmaker reported in-line fourth-quarter earnings and a small revenue beat but offered poor first-quarter guidance. Overall revenue grew 22% year over year in the quarter that ended Sept. 25, according to a statement.
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Etsy Shares Pop 10% on Revenue Beat, Rosy Guidance
$Etsy Inc (ETSY.US)$ shares surged as much as 10% in extended trading Wednesday after the online marketplace's third-quarter revenue and earnings outperformed expectations. The company also posted upbeat guidance for the current period.
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Roku Stock Plunges 16% As Downbeat Earnings Forecast Assumes Ad Budgets Could 'Degrade'
$Roku Inc (ROKU.US)$ shares plummeted 16% in after-hours trading Wednesday after the streaming company topped expectations with its latest results but gave a weaker-than-anticipated outlook for the holiday quarter as economic conditions could further "degrade advertising budgets."
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Musk Plans to Eliminate Half of Twitter Jobs in Cost-Cut Drive
Elon Musk plans to eliminate about 3,700 jobs at $Twitter (Delisted) (TWTR.US)$, or half of the social media company's workforce, in a bid to drive down costs following his $44 billion acquisition, according to Bloomberg.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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