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-- 82.140 Wall Street Today | Markets Are Wrong on Fed Rate Hikes, Morgan Stanley's Caron Says
MACRO
Markets Are Wrong on Fed Rate Hikes, Morgan Stanley's Caron Says
Even though Fed officials are predicting raising interest rates above 5% next year, traders continue to underprice the future path of policy tightening, Morgan Stanley's chief fixed-income strategist Jim Caron said Wednesday.
"I don't believe the hiking cycles are sufficiently priced in," Caron said. "What's priced in is that people expect rates to come down and I think we need to listen to what the central bankers are saying" and their worries about inflation.
US Consumer Confidence Jumps to Highest Level in Eight Months
US consumer confidence rose by more than forecast to the highest since April as inflation eased and gasoline prices dropped. The Conference Board's index increased to 108.3 this month from an upwardly revised 101.4 reading in November, data out Wednesday showed.
S&P 500 Facing a Historical Warning Sign After This Year's Slump
Since 1928, the $S&P 500 Index (.SPX.US)$ has only fallen for two straight years on four occasions: The Great Depression, World War II, the 1970s oil crisis and the bursting of the dot-com bubble at the start of this century.
In the benchmark's almost 100-year history, such occasions are clear outliers. Yet when they have occurred, drops in the second year have always been deeper than in the first, with an average decline of 24%.
SECTORS
Energy Stocks Will Be Hot Again in 2023. But Now It's About Dividends
In an effort to lure income investors, energy firms have aggressively boosted dividends over the last 12 months. $Diamondback Energy (FANG.US)$ increased its payout 412% in the span, the most of any S&P 500 member. Five of the index's 10 biggest dividend boosts have come from the energy sector, including $Apache (APA.US)$'s 355% hike, $Pioneer Natural Resources (PXD.US)$'s 276% raise.
COMPANY
Intel Breaks Up Graphics-Chip Unit, Names Koduri Chief Architect
$Intel (INTC.US)$, the biggest maker of processors that are the heart of computers, broke up its graphics-chip organization in a bid to accelerate efforts to take sales from $NVIDIA (NVDA.US)$ and $Advanced Micro Devices (AMD.US)$.
Micron to Cut 10% of Workforce as Demand for Computer Chips Slumps
$Micron Technology (MU.US)$, the largest US maker of memory chips, gave a lackluster revenue outlook for the current period, indicating the slump in demand for computer components will drag on, and said it will reduce its workforce by about 10% over the next year.
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Musk Says Cost-Cutting Averted $3 Billion Twitter Shortfall
Elon Musk said $Twitter (Delisted) (TWTR.US)$ was on course for $3 billion of negative cash flow before he stepped in to stem losses by dismissing more than half the company's staff.
Alphabet Links More of CEO Pichai's Pay to Performance
Google-parent $Alphabet-A (GOOGL.US)$ said on Wednesday it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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tangobravoromeo : MS Caron gets it…too bad the “market” doesn’t!!
up is down & down is up.