Wall Street Today | Microsoft Inks Nvidia Game Deal to Assuage Regulators over Activision Merger
MACRO
US Stocks in Thrall of Fed Have Further to Fall, History Shows
The US stock market hasn't found a bottom yet, if history is any indication. The S&P 500 Index hit a low only after the Fed stopped raising interest rates in previous hiking cycles, according to data compiled by Bloomberg, implying more downside if the trend holds true. Strategists at $JPMorgan (JPM.US)$ and $Morgan Stanley (MS.US)$ are among those warning of further stock losses.
US Business Activity Steadies, Boosted by Pickup in Services
The S&P Global flash February composite purchasing managers index climbed 3.4 points to 50.2, the group reported Tuesday. While the gauge is the highest in eight months, it's barely above the 50 level that separates growing and shrinking activity.
The Fed May Hike Interest Rates Another 3 Times This Year, Goldman Says
The Fed could lift interest rates by another 75 basis points in total this year, Goldman Sachs says. The bank's chief economist suggested the Fed might raise rates at its March, May and June meetings to beat inflation.
SECTORS
Oil Extends Worst Run of Losses This Year Ahead of Fed Minutes
Oil extended its longest run of losses this year ahead of the release of minutes from the Federal Reserve that may provide further clues on the path forward for monetary tightening in the US. West Texas Intermediate dipped toward $76 a barrel after falling for a fifth session on Tuesday.
Airlines Turn Market Darlings as Covid Forces Financial Clean Up
Unloved during the pandemic as their businesses were incapacitated almost overnight, airlines that cut back to survive the crisis are now blowing through profit forecasts and luring back investors. A Bloomberg gauge of 29 airlines from around the world has climbed almost 30% since the end of last September.
COMPANY
Microsoft Inks Nvidia Game Deal to Assuage Regulators over Activision Merger
$Microsoft (MSFT.US)$ has struck a 10-year deal to bring "Call of Duty" and other $Activision Blizzard (ATVI.US)$ games to $NVIDIA (NVDA.US)$'s gaming platform, if the Xbox maker is allowed to complete its much-contested $69 billion acquisition of Activision.
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Biden Admin Won't Veto ITC's Apple Watch Import Ban Ruling
The Biden Administration will not overrule a U.S. International Trade Commission decision that could block imports of $Apple (AAPL.US)$'s Apple Watches for infringing AliveCor Inc patents related to heart monitoring, the office of the U.S. Trade Representative said Tuesday.
Coinbase Beats on Revenue and Earnings, but Usage Continues to Decline
$Coinbase (COIN.US)$ reported user numbers that fell short of analysts' estimates even as fourth-quarter earnings and revenue beat projections. The company said it had 8.3 million monthly transacting users (MTUs) during the fourth quarter, down from 8.5 million the prior period.
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Supreme Court Justices in Google Case Express Hesitation About Upending Section 230
Supreme Court Justices voiced hesitation on Tuesday about upending a key legal shield that protects tech companies from liability for their users' posts, and for how the companies moderate messages on their sites. $Alphabet-A (GOOGL.US)$
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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