Wall Street Today | Morgan Stanley Strategists Say Stocks Ignore Fed, Earnings Reality
MACRO
Fed's Bowman Expects More Rate Hikes to Reach Inflation Goal
"We are still far from achieving price stability, and I expect that it will be necessary to further tighten monetary policy to bring inflation down toward our goal," Governor Michelle Bowman said Monday. "Doing so will likely lead to subdued growth in economic activity and some softening in labor-market conditions."
Morgan Stanley Strategists Say Stocks Ignore Fed, Earnings Reality
US stocks are ripe for a selloff after prematurely pricing in a pause in Federal Reserve rate hikes, according to Morgan Stanley strategist Michael Wilson.
Wilson expects deteriorating fundamentals, along with Fed hikes that are coming at the same time as an earnings recession, to drive equities to an ultimate low this spring. "Price is about as disconnected from reality as it's been during this bear market," the strategists said.
Wage Growth Expectations Drop Most on Record in NY Fed Survey
Median expected growth in household income declined 1.3 percentage point to 3.3% in the January survey, the largest monthly drop in data going back almost ten years, the New York Fed in a report Monday. Views on inflation one year ahead were unchanged at 5%.
SECTORS
US to Sell 26 Million More Barrels From Strategic Oil Reserve
The congressionally mandated sale will amount to 26 million barrels of crude, according to people familiar with the matter. The sale is in accordance with a budget mandate enacted in 2015 for the current fiscal year, said a spokesperson for the Department of Energy.
COMPANY
Shares of Palantir Pop As It Reports First Profitable Quarter
Shares of $Palantir(PLTR.US$ popped as much as 16% in extended trading Monday after the company released fourth-quarter earnings that beat analysts' estimates on top and bottom lines.
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Meta's Chief Business Officer Will Leave the Company After 13 Years
$Meta Platforms(META.US$'s Chief Business Officer Marne Levine is stepping down after 13 years with the company, Meta announced in a release Monday. Levine will stay in the role until Feb. 21, and she will remain an employee at Meta until she officially departs in the summer, according to the release.
Uber Signs Cloud Computing Deals With Oracle and Google
$Uber Technologies(UBER.US$ has signed cloud-computing contracts with $Oracle(ORCL.US$ and $Alphabet-A(GOOGL.US$, routing around the largest players in the sector, $Amazon(AMZN.US$ Web Services and $Microsoft(MSFT.US$ Azure, while planning the shutdown of its own data centers.
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Ford to Move Forward with $3.5 Billion EV Battery Plant with Chinese Company
$Ford Motor(F.US$ said it will collaborate with a Chinese supplier on a new $3.5 billion battery plant for electric vehicles in Michigan. Ford will own the new facility through a wholly owned subsidiary instead of operating it as a joint venture with $Contemporary Amperex Technology(300750.SZ$, which several automakers have done with non-China partners in the U.S.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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