Wall Street Today | Apple's stock is having its best winning streak since 2003
Asia stocks to rise on Russia talks as bonds rally
Stocks in Asia are poised to follow global indexes higher Wednesday as prospects for a de-escalation in the war in Ukraine checked the advance in oil prices. Longer-dated U.S. Treasury yields retreated, dipping below the two-year for the first time since 2019.
Futures rose in Japan and Hong Kong, and Australian shares edged up. U.S. contracts slipped after the $S&P 500 Index(.SPX.US$ gained for a fourth day and the $NASDAQ 100 Index(.NDX.US$ climbed.
U.S. households face $5,200 inflation tax this year
Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket, according estimates by Bloomberg Economics.
The excess savings built up over the pandemic, and increases in wages, will cushion those costs, and allow spending to expand at a decent pace this year. But accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth.
Bitcoin takes a pause from sharp recovery rally as bulls regroup
The largest cryptocurrency fell as much as 2.2% on Tuesday to trade around $46,908, its first down day in six. The drop follows a break-neck surge of roughly 20% since mid-March, which had helped it wipe out all 2022 losses and accumulate gains of roughly 2% for the year.
Tuesday's downturn comes as U.S. stocks -- which crypto markets have largely moved in tandem with all year -- gained amid optimism for progress in talks between Russia and Ukraine.
Apple's stock is having its best winning streak since 2003
$Apple(AAPL.US$ shares rose for the 11th straight day on Tuesday, marking the longest winning streak of the iPhone era. The company's stock closed up 1.9%, wiping out its losses for the year. It's still about 1.7% off its record close on Jan. 3, when Apple's market cap hit $3 trillion during the day. As of Tuesday, Apple was worth around $2.9 trillion.
"Apple is a bedrock of strength and overall iPhone and services demand is helping the stock to power back towards the $3 trillion area code," Dan Ives, an analyst at Wedbush Securities, wrote in an email.
FedEx CEO says the company will make 'an enormous effort' towards AV trucks in June
"You'll see in late June an enormous effort towards autonomous trucks that move over the highway. Not in the city, where we think our drivers are better for the pickup and delivery of the long-distance vehicles," $FedEx(FDX.US$ CEO Fred Smith said in an interview on CNBC.
FedEx announced it was testing autonomous delivery trucks in China in late 2021 through a collaboration with Neolix, a self-driving logistics company based in the country. FedEx has previously launched initiatives towards autonomous vehicle usage, collaborating with companies including Nuro, DEKA Development Research, Aurora and Paccar.
Lululemon posts stronger sales as board approves new stock buyback program
$Lululemon Athletica(LULU.US$ posted higher revenue and profit for the fourth quarter, becoming one of the few direct-to-consumer brands to find growth amid rampant supply-chain challenges.
Shares in Lululemon gained about 8% in after-hours trading as the company forecast stronger-than-expected sales and profit growth this year. Its board also approved a new stock buyback program of up to $1 billion.
Sony launches new PlayStation gaming subscription service to take on Microsoft
$Sony(SONY.US$ is set to launch a new video game subscription service this summer, seeking to drive sales of its PlayStation consoles and compete with a similar offering from $Microsoft(MSFT.US$.
The company said Tuesday it will bundle its existing PlayStation Plus and PlayStation Now services into one single subscription service called PlayStation Plus. The new PlayStation Plus will be available in June and comes in three tiers: PS Plus Essential, PS Plus Extra, and PS Plus Premium.
Alibaba leads $60 million funding into augmented reality glasses maker Nreal in metaverse play
$Alibaba(BABA.US$ led a $60 million investment round into augmented reality glasses maker Nreal, the start-up said on Wednesday, as Chinese technology giants look for ways to get in on the metaverse theme.
Augmented reality technology imposes digital images over the real world. Users can wear Nreal's two glasses products, the Light or the Air, to access AR applications such as games or movies.
Source: Bloomberg, CNBC, WSJ
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