Wall Street Today | Fed Officials Are Focused on Tackling High Inflation, Mester Says

Moomoo Recap US wrote a column · Nov 22, 2022 18:06

MACRO

Fed Officials Are Focused on Tackling High Inflation, Mester Says

"Given the high level of inflation, restoring price stability remains the number one focus of the FOMC," Mester said Tuesday, referring to the rate-setting Federal Open Market Committee. "We're committed to using our tools to put inflation on a sustainable downward trajectory to 2%."

Fed's George Says Higher US Savings May Also Mean Higher Rates Needed

Kansas City Federal Reserve Bank President Esther George said ample US savings will help to buffer households but could also mean higher interest rates are needed to cool spending.

White House to Extend Student-Loan Payment Pause to June 30

President Joe Biden announced that his administration would extend the pandemic-era pause in student loan repayments through June 30 amid legal challenges to his college debt-forgiveness plan.

SECTORS

EU Proposes Brake on Gas Prices as Russia Squeezes Again

The European Commission proposed an emergency brake on natural gas prices way above current levels, as it seeks to contain the economic damage from Russia's tightening squeeze on energy supplies. The commission proposed a cap level of €275 per megawatt-hour. It's well above current levels of about €120.

Retailers Rally Into Holiday Season After Earnings Blowouts

$Best Buy (BBY.US)$ was the top-performing stock on the $S&P 500 Index (.SPX.US)$ Tuesday with a 12% gain after improving its annual outlook for profit and comparable sales. $Abercrombie & Fitch (ANF.US)$, $American Eagle (AEO.US)$ and $Burlington Stores (BURL.US)$ climbed at least 18% each on better-than-expected quarterly reports, with Burlington's 20% jump marking its biggest advance in more than nine years.
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Goldman Sees 10-Year Treasury Yield of 4% or More Through 2024

The US benchmark bond yield will trade at 4% or higher through at least the end of 2024 as the Fed averts an economic contraction in its fight against inflation, according to $Goldman Sachs (GS.US)$.

COMPANY

HP to Cut Up to 6,000 Jobs Over Three Years as PC Demand Falters

$HP Inc (HPQ.US)$ will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.
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Meta Platforms Denies Zuckerberg Plans To Resign

$Meta Platforms (META.US)$ denied a report Tuesday that founder and CEO Mark Zuckerberg is set to resign as early as next year amid the company losing billions on its Metaverse investments.
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Trump Media Deal Partner Says Shareholders Approve Delay of Merger with Truth Social Parent

The blank check company that plans to take Trump Media and Technology Group and its Truth Social platform public said Tuesday that shareholders voted to delay a deadline for its merger with the former president's firm by several months. Shares of $Digital World Acquisition Corp (DWAC.US)$ closed more than 5% higher.

Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance

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