Wall Street Today | Dollar Has Room to Strengthen in Bumpy Ride Ahead, Goldman Says
MACRO
Bullard Sets Tone for Fed Officials Signaling Hikes Will Roll On
St. Louis Fed President James Bullard said policymakers should raise interest rates to at least 5% to 5.25%, hitting financial markets as investors recalibrated bets on how high officials would go.
Mortgage Rates Fall Sharply in Largest Weekly Drop in 41 Years
According to Freddie Mac, the 30-year fixed rate average dropped by 47 basis points, from 7.08% to 6.62%, the largest weekly drop since 1981. A year ago, the 30-year fixed rate stood at 3.10%.
Pelosi to Step Down from U.S. House Leadership, Passing to a New Generation
Nancy Pelosi, the trailblazing Democrat who as the first woman U.S. House of Representatives speaker shepherded landmark legislation and led two impeachments, said on Thursday she will give up her leadership role a day after Republicans secured control of the chamber.
SECTORS
Dollar Has Room to Strengthen in Bumpy Ride Ahead, Goldman Says
The dollar "still has a lot going for it" as the economy and labor market show resilience, while other central banks are struggling to keep up with the pace of the US Fed's rate hikes, according to Goldman Sachs strategists Dominic Wilson, Kamakshya Trivedi and Vickie Chang.
COMPANY
Amazon CEO Andy Jassy Says Layoffs Will Continue into Next Year
$Amazon (AMZN.US)$ will continue to lay off employees in the coming year, CEO Andy Jassy wrote in a memo to workers on Thursday. The company began informing workers this week that they were being let go.
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Macy's, Bath & Body Works Sparkle in Ho-Hum Session
Investors reacted very positively on Thursday to the continuing stream of retail earnings. $Macy's (M.US)$shares surged 15% after the company reported a smaller-than-expected sales decline and reaffirmed its sales guidance for the year. $Bath & Body Works (BBWI.US)$ led the $S&P 500 Index (.SPX.US)$, jumping 25%, after it beat earnings expectations and raised guidance.
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Applied Materials Forecast Signals It's Weathering Slowdown
$Applied Materials (AMAT.US)$, the biggest maker of chip-manufacturing equipment, gave a better-than-feared sales forecast for the current quarter as supply-chain improvements help offset an economic slowdown.
Meta Ousts Unscrupulous Employees, Security Guards For Accepting Bribes To Help Users
$Meta Platforms (META.US)$ has fired or disciplined more than two dozen employees and contractors over the last year whom it accused of improperly taking over user accounts, in some cases allegedly for bribes, the Wall Street Journal reported.
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GM Expects EV Profits to Be Comparable to Gas Vehicles by 2025, Years Ahead of Schedule
$General Motors (GM.US)$ expects its new electric vehicles to be in-line with traditional cars and trucks with internal combustion engines by mid-decade. GM also boosted its 2022 cash flow guidance to between $10 billion and $11 billion and tightened its adjusted earnings range.
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Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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