Wall Street Today | Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month
MACRO
Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month
Federal Reserve officials have signaled plans to raise their benchmark interest rate by 0.5 percentage point at their meeting next week, but elevated wage pressures could lead them to continue raising their benchmark rate next year above the 5% currently anticipated by investors.
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US Services Gauge Rises Unexpectedly on Business Activity Surge
Growth at US service providers unexpectedly accelerated in November as a measure of business activity jumped by the most since March 2021, suggesting the largest part of the economy remains resilient.
The Institute for Supply Management's gauge of services rose to 56.5 last month from 54.4 in October, according to data released Monday.
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Morgan Stanley's Michael Wilson Is a Seller of Stocks Again
"We are now sellers again," Morgan Stanley's Michael Wilson and his colleagues wrote in a note on Monday. They expect the S&P 500 to resume declines after the index crossed above its 200-day moving average last week, saying the downtrend since the beginning of the year remains intact. "This makes the risk-reward of playing for more upside quite poor at this point," they wrote.
SECTORS
US Dollar Erases More Than Half of This Year's Gains on Fed Bets
The Bloomberg Dollar Spot Index has pared its 2022 advance to about 7%, after gaining as much as 16% earlier, as slower-than-expected gains in consumer prices and comments by Fed Chair Jerome Powell stoked speculation the US central bank will slow its pace of rate hikes next week.
COMPANY
PepsiCo to Lay Off Hundreds of Workers in Headquarters Roles
$PepsiCo (PEP.US)$ is laying off workers at the headquarters of its North American snacks and beverages divisions, a signal that corporate belt-tightening is extending beyond tech and media, according to people familiar with the matter and documents reviewed by The Wall Street Journal.
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Salesforce Executive Exits Help Push Stock to Its Lowest Point Since March 2020
Slack CEO Stewart Butterfield said on Monday he's leaving Salesforce, just days after Bret Taylor stepped down as co-CEO. $Salesforce (CRM.US)$ shares have dropped 47% this year and are trading at their lowest since the start of the pandemic.
Microsoft Offers Sony 10-Year Contract for 'Call of Duty' Releases on PlayStation
$Microsoft (MSFT.US)$ has offered $Sony (SONY.US)$ a 10-year contract to make each new "Call of Duty" release available on PlayStation the same day it comes to Xbox, according to an opinion piece in the Wall Street Journal on Monday from a Microsoft executive.
Gitlab Stock Surged 20% after Hours as Earnings Beat
$Gitlab(GTLB.US)$ shares are trading higher in Monday's after-hours session after the company reported third-quarter financial results and issued guidance above analyst estimates.
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Exxon's Leaders Get 10% Salary Boost as Stock Nears Record Annual Gain
$Exxon Mobil (XOM.US)$'s top executives scored above-inflation salary increases of around 10% for next year as the oil giant's stock closes in on its best-ever annual performance.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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moneyworkhard : in this uncertainty, energy stocks still a good buy?
紫阳 moneyworkhard : Individually