Wall Street Today | Jerome Powell Says Data Will Determine Size of Next Rate Increase
MACRO
Jerome Powell Says Data Will Determine Size of Next Rate Increase
Fed Chair Jerome Powell said Wednesday officials were keeping their options open over how much to raise interest rates this month after investors interpreted his comments Tuesday to suggest a half-percentage-point increase was likely.
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US Job Openings Drop to 10.8 Million But Are Still Too High for Fed
The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The median estimate in a Bloomberg survey of economists called for 10.5 million openings.
The Smallest US Firms Shed Almost 600,000 Jobs Since End of 2021
US businesses with less than 20 employees have eliminated 594,000 jobs since December 2021, while firms with 20 to 49 workers shed jobs for a second-straight month in February. The numbers suggest growing financial pressure on smaller companies as the Fed hikes interest rates.
SECTORS
The Scientific Breakthrough That Could Make Batteries Last Longer
U.S. scientists say they have produced the first commercially accessible material that eliminates the loss of energy as electricity moves along a wire, a breakthrough that could mean longer-lasting batteries, more-efficient power grids and improved high-speed trains.
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COMPANY
Tesla's Model Y SUVs Under Federal Investigation After Some Steering Wheels Fall Off
US auto-safety regulators opened an investigation into $Tesla (TSLA.US)$'s Model Y SUV after receiving two reports that the steering wheel of 2023 models had detached while driving.
Uber Is Considering Spinning Off Freight Logistics Division
$Uber Technologies (UBER.US)$ is exploring whether to spin off its Uber Freight logistics arm in a sale or as a separate publicly traded company to streamline its focus on ride hailing and food delivery, according to people familiar with the matter.
Apple to Shake Up International Sales Operations to Make India Its Own Region
$Apple (AAPL.US)$ is reshuffling management of its international businesses to put a bigger focus on India, according to people with knowledge of the matter, a sign of the nation's growing importance.
Spotify Listeners Cross Half a Billion Mark
$Spotify Technology (SPOT.US)$ said on Wednesday it would roll out new features like smart shuffle and previews of podcasts and music playlists on its audio streaming platform, as it crossed 500 million in monthly active listeners.
Source: Bloomberg, Dow Jones, CNBC
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