Wall Street Today | Fed Gets Room to Hold in June as Inflation Shows Sign of Cooling
MACRO
Fed Gets Room to Hold in June as Inflation Shows Sign of Cooling
Signs of moderating price pressures in April will give Federal Reserve officials room to pause their aggressive tightening campaign next month, though inflation is still running too hot for policymakers to consider cutting interest rates.
The consumer price index rose by 4.9% from a year earlier, the first reading below 5% in two years, a Bureau of Labor Statistics report showed Wednesday. Excluding food and energy, the so-called core consumer price index also cooled slightly.
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Biden Condemns GOP For 'Holding The Economy Hostage' Amid Debt Ceiling Crisis, Says US Default Not An Option
President Joe Biden addressed the debt ceiling crisis on Wednesday, stating that Republicans are "holding the economy hostage," by threatening a default on U.S. debt.
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SECTORS
Corporate America's Taste for Buying Back Its Own Stock Is Waning
US firms have announced plans to spend $580 billion on their own stock this year through Monday, down 8% from the same period a year ago, according to data compiled by Birinyi Associates. That's a shift from January, when buybacks were off to a record start.
In the first three months of 2023, actual buybacks among the index's constituents tumbled 21% from a year ago, according to data compiled by Goldman.
COMPANY
Disney Forecasts Wider Streaming Loss, Sending Shares Lower
$Disney (DIS.US)$ shares fell in extended trading after the company posted a drop in subscribers to its namesake streaming service and predicted a wider loss in that business this quarter.
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EU Decision Clearing $69 Billion Microsoft, Activision Deal Expected May 15, Sources Say
EU antitrust regulators are set to approve $Microsoft (MSFT.US)$'s $69 billion acquisition of $Activision Blizzard (ATVI.US)$ next week, with May 15 as the likeliest date, people familiar with the matter said.
Apple Tap-to-Pay Tech Gets Extra Round of EU Antitrust Scrutiny
$Apple (AAPL.US)$'s tap-to-pay technology faces a fresh round of European Union antitrust scrutiny, after the bloc's competition investigators dispatched a series of questions to retailers as part of an ongoing probe into the iPhone maker's closely guarded payments chip.
Google I/O 2023: Search King Adds AI to Respond to Microsoft Challenge
At its annual I/O conference in Mountain View, California, on Wednesday, $Alphabet-A (GOOGL.US)$ offered a new version of its namesake engine. Called the Search Generative Experience, the revamped Google can craft responses to open-ended queries while retaining its recognizable list of links to the Web.
Source: Bloomberg, Dow Jones, CNBC
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