Wall Street Today | Microsoft Will Let Companies Create Their Own Custom Versions of ChatGPT, Source Says
MACRO
Powell Says Further Rate Hikes Needed and Markets Take Heed
Federal Reserve Chair Jerome Powell stuck to his message that interest rates need to keep rising to quash inflation and this time, the bond market listened. In particular, Powell floated the idea during an event in Washington on Tuesday that borrowing costs may reach a higher peak than traders and policymakers anticipate.
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Fed's Kashkari Says Strong Jobs Data Show Need for More Hikes
"Right now I'm still at around 5.4%," Kashkari said Tuesday, referring to his forecast for how high rates need to go to bridle inflation. Kashkari also says effect of rate hikes on jobs market muted so far.
SECTORS
U.S. Trade Gap Widens in December; Deficit Highest on Record in 2022
The U.S. trade deficit widened in December, increasing 10.5% to $67.4 billion; The report from the Commerce Department on Tuesday also showed the trade gap widening to a record high last year. Trade deficit jumps 12.2% to $948.1 billion in 2022.
ETFs Following US Lawmakers' Stock Trades Go Live
Investors who believe that members of the US Congress have access to information that could give them a trading advantage can now trade two exchange traded funds that follow members' stock transactions. Subversive Capital Advisor and Unusual Whales on Tuesday launched the $UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF (NANC.US)$ and the $UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF (KRUZ.US)$.
COMPANY
Microsoft Adds ChatGPT AI Technology to Bing Search Engine
$Microsoft (MSFT.US)$ is integrating the technology behind the viral chatbot ChatGPT into its Bing search engine, hoping the artificial intelligence upgrade can help it chip away at $Alphabet-A (GOOGL.US)$'s dominance of the search market.
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Microsoft Will Let Companies Create Their Own Custom Versions of ChatGPT, Source Says
$Microsoft (MSFT.US)$ plans to release technology to help big companies launch their own chatbots using the OpenAI ChatGPT technology, a person familiar with the plans told CNBC. Companies would be able to remove Microsoft or OpenAI branding when they release chatbots developed with the software.
EBay to Lay off 500 Employees, About 4% of Its Workforce
Online marketplace $eBay (EBAY.US)$ plans to cut about 4% of its staff in the latest bout of layoffs for the e-commerce sector. The CEO says move to cut staff 'gives us additional space to invest and create new roles in high-potential areas'.
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Bed Bath & Beyond Lines Up Funding in a Last-Ditch Bid to Avoid Bankruptcy
The beleaguered home goods retailer has finalized a Hail Mary stock offering that's expected to infuse more than $1 billion in equity into the company in hopes it'll stave off bankruptcy and liquidation, the company announced Tuesday. $Bed Bath & Beyond Inc (BBBY.US)$
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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70680362 : All in MSFT
moneyworkhard : anyone questioned if no hike was done initially, could d outcome be different?![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")