Wall Street Today | Meta's Launching a Rival to Musk's Twitter on Thursday
MACRO
Fed Minutes Reveal Divisions Over Decision to Pause in June
Federal Reserve officials were less united at their June meeting than their unanimous decision suggested, as some favored interest-rate increases but went along with the move to leave policy unchanged.
“Almost all participants judged it appropriate or acceptable to maintain the target range for the federal funds rate at 5% to 5.25%,” minutes from the June 13-14 meeting said. “Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or that they could have supported such a proposal.”
July Fourth Weekend Breaks Travel Records Across the U.S.
The Fourth of July holiday period broke records for travel, despite flight delays and cancelations.
Close to 10.7 million people passed through U.S. airport checkpoints Thursday through Sunday, according to the Transportation Security Administration, which said travel records were broken at airports across the country. A further 2.3 million passengers were screened Monday and just more than 2 million Tuesday.
SECTORS
Oil Rises With Inventory Draws Expected in Wake of OPEC+ Cuts
Oil rose as traders weighed Saudi Arabian and Russian production cuts after a slew of low-volume trading sessions.
The two OPEC+ linchpins announced their latest batch of curbs on Monday, with a supply-cut extension by Riyadh and a fresh pledge to reduce production from Moscow. Brent settled above $76 a barrel while WTI rallied, catching up with the global benchmark after a US holiday on Tuesday.
ChatGPT App Downloads Are Slowing Down, BofA Finds
AI may be the hottest thing in the technology industry, but OpenAI’s ChatGPT is not on pace to challenge Google’s grip as the search engine leader, according to new analysis from Bank of America Securities.
Analysts found that app downloads for ChatGPT and Microsoft Bing have slowed in recent weeks, citing Sensor Tower data, BofA analyst Justin Post wrote in a note Wednesday.
COMPANY
Meta's Launching a Rival to Musk's Twitter on Thursday
$Meta Platforms (META.US)$ is preparing to launch a microblogging service to rival Twitter. It will be a golden opportunity for Meta CEO Mark Zuckerberg to expand his reach into a new social-media niche that is arguably not being well served.
Meta has a rare opportunity to launch a social-network on Thursday, which will have an instant advantage. Many disgruntled Twitter users are already casting around for a new home.
GM Delivered a Lot More Cars, But Fewer EVs. The Stock Is Up
$General Motors (GM.US)$ gave investors mixed news about its deliveries for the second quarter. It sold a lot more cars and trucks, but fewer electric vehicles.
Wednesday, GM announced second-quarter U.S. deliveries of 691,978 vehicles, including 15,354 EVs, up from 603,208 in the prior quarter. Total vehicle sales grew about 19% year over year. EV sales jumped 110% from the same quarter in 2022.
Rivian Stock Rises on Vehicle Delivery to Amazon
$Rivian Automotive (RIVN.US)$ was up in morning trading on Wednesday morning as $Amazon (AMZN.US)$ stated that around 300 electric Rivian vans will roll out on the roads of Munich, Berlin, and Düsseldorf regions in Germany over the coming weeks.
Moderna Stock Is Surging on Deal to Make Vaccines in China
$Moderna (MRNA.US)$ stock was rising Wednesday after the drugmaker reached an agreement to produce mRNA vaccines in China.
Chinese media company Yicai reported on Tuesday that Moderna will invest as much as $1 billion in China. Moderna declined to comment on the size of the investment to Barron’s, but the company confirmed it had reached a memorandum of understanding to research, develop, and manufacture mRNA medicines in China.
Source: Bloomberg, Dow Jones, CNBC
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FiReBiTriXiE : That ain’t nothing wait till Elons new cell phone comes out that’s forged by fire and connected to space-net which zucks new platform will have to be on. It’s way bigger than Marks new social platform Elon makes this new platform of Marky mark small potatoes fr it’s nothing haha Elon 2 Mark 1
73418734 : Well, Elon Musk and Mark Zuckerberg are both influential figures in the tech industry, each with their own innovative ventures. It'll be interesting to see how Elon's new cell phone and Mark's new social platform unfold. The competition between them can drive technological advancements and provide users with more options. Exciting times ahead!