Wall Street Today | Fed Hike No Longer Certain for Traders as Bank Woes Spur Bonds
MACRO
Fed Hike No Longer Certain for Traders as Bank Woes Spur Bonds
Short-end market rates tumbled Tuesday as a renewed slide in US regional bank shares sent Treasuries surging as investors scurried toward haven assets.
Swap contracts for June are now pricing in a central bank benchmark just 21 basis points above the current effective fed funds rate, implying around a four-in-five chance of a hike at one of the next two policy meetings. They had previously this week been pricing May as a near certainty and some possibility of an additional increase in June.
Yellen Says Debt Limit Threatens Economic Gains Made Under Biden
Treasury Secretary Janet Yellen implored lawmakers to lift the federal debt limit as she credited the Biden administration's high-priced economic policies for driving a "historic recovery" from the coronavirus pandemic.
SECTORS
Regional Bank Stocks Extend Skid as First Republic Plunges
Regional banks were dragged down Tuesday by $First Republic Bank(FRC.US$'s plunge to a record low, after the beleaguered lender said deposits sank last quarter. The KBW Regional Banking Index fell by the most in a month and hit its lowest level since November 2020 — as First Republic's drop dented sentiment across the sector.
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Oil Dips 2% on Economic Woes and Stronger Dollar
Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand.
COMPANY
Tesla Drops Model Y Starting Price Below the Average US Vehicle
$Tesla(TSLA.US$ is now charging less for the cheapest version of the Model Y SUV than what the typical new vehicle sells for in the US, a threshold Elon Musk crossed in blazing fashion. At $46,990, the base Model Y now costs $759 less than the average amount paid for a car or truck in the US.
Microsoft Profit, Sales Top Estimates on Strong Cloud Demand
$Microsoft(MSFT.US$ reported quarterly profit and sales that topped projections, fueled by resilient corporate cloud-computing demand, and gave an upbeat outlook for its nascent artificial intelligence services. Shares jumped more than 8% in late trading.
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Alphabet First Quarter Earnings Top Estimates, Announces $70B Stock Buyback
$Alphabet-A(GOOGL.US$ reported first quarter earnings on Tuesday that beat expectations on the top- and bottom-lines, while also authorizing a massive $70 billion stock buyback. Alphabet stock rose 1.4% in after hours trading on the news.
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First Republic Bank to Weigh Up to $100 Billion in Asset Sales
$First Republic Bank(FRC.US$ is exploring divesting $50 billion to $100 billion of assets as the beleaguered lender attempts to rescue itself from the turmoil that engulfed the industry last month.
Apple Plans AI-Powered Health Coaching Service, Mood Tracker and iPad Health App
$Apple(AAPL.US$ is working on an artificial intelligence-powered health coaching service and new technology for tracking emotions, its latest attempt to lock in users with health and wellness features.
Source: Bloomberg, Dow Jones, CNBC
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