Wall Street Today | Fed Points Toward a Pause in May After Run of Hikes Sinks In
MACRO
Fed Points Toward a Pause in May After Run of Hikes Sinks In
Policymakers are widely expected to raise rates by a quarter percentage point on Wednesday, to a range of 4.5% to 4.75%. Fed officials projected last December that they would pause when rates move above 5%.
US central bankers have said that October, November and December inflation data, which all showed steady declines in price increases, was welcome news but they still needed to see more. Should these trends continue for three more months, policymakers could have seen enough to be confident of pausing by their May 2-3 meeting.
US Labor Costs Trail Forecasts, Adding to Slower Inflation Signs
The employment cost index, a broad gauge of wages and benefits, increased 1% in the fourth quarter, according to Labor Department figures released Tuesday. The median estimate in a Bloomberg survey of economists called for a 1.1% advance.
SECTORS
Cathie Wood's ARKK Logs Best Month Ever as Tech Shares Surge
A January rebound for beaten-down tech shares made for the best month on record for Cathie Wood's flagship fund. The $ARK Innovation ETF (ARKK.US)$ rose 27.8% in January, its best monthly performance on record, according to Dow Jones Market Data.
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COMPANY
AMD Beats on Sales and Profit but Warns of a 10% Revenue Decline in Q1
$Advanced Micro Devices (AMD.US)$ reported fourth-quarter earnings on Tuesday, beating Wall Street expectations for sales and profit, but guided analysts to a 10% decline in year-over-year sales in the current quarter. The stock rose over 1% in extended trading.
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PayPal to Cut 2,000 Jobs in Push to Trim Costs
$PayPal (PYPL.US)$ said it will cut 2,000 staffers, or around 7% of its workforce as it contends with a macroeconomic slowdown that's weighed on the firm's business in recent quarters.
Pfizer Loses $40 Billion of Value in Worst Month Since 2020
Shares of $Pfizer (PFE.US)$ suffered their biggest monthly decline since June 2020 as investors anticipated a troubled path ahead for the drugmaker's Covid products. The stock slumped 13% in January, erasing $40 billion in market value. In its earnings report on Tuesday, Pfizer presented a weaker-than-estimated sales outlook for its Covid vaccine and pill.
Snap Forecasts First Quarterly Revenue Decline; Shares Fall
$Snap Inc (SNAP.US)$ is forecasting its first ever quarterly revenue decline, citing a flurry of changes to Snapchat's advertising products that may be disruptive to the social media app's business. Snap fell as much as 14% in after-market trading.
ChatGPT Maker OpenAI Comes Up with a Way to Check if Text Was Written by a Human
ChatGPT maker OpenAI says its latest tool makes mistakes but is more prepared to handle outputs from recent AI systems than a version from 2019. The release comes two months after OpenAI captured the public's attention when it introduced ChatGPT.
Source: Bloomberg, Dow Jones, CNBC
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