Wall Street Today | Biden, in rare Powell meeting, seeks to deflect inflation blame
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Biden, in Rare Powell Meeting, Seeks to Deflect Inflation Blame
President Joe Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare that he's respecting the central bank's independence - while simultaneously shifting responsibility for taming decades-high inflation ahead of the November midterms. Biden seized on the Oval Office session to argue that while fighting price increases is his top priority, that work was primarily the purview of the Federal Reserve.
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Yellen Says She Was 'Wrong' About Inflation Path, Biden Supports Fed Actions
U.S. Treasury Secretary Janet Yellen said on Tuesday that she was wrong in the past about the path inflation would take, but said taming price hikes is President Joe Biden's top priority and he supports the Federal Reserve's actions to achieve that.
Wall Street Sees Any Stock Market Rally as Likely Short-Lived
A growing number of Wall Street strategists see last week's stock market rebound as a head fake before more selling, as risks to the US economy and corporate earnings growth remain with stubbornly high inflation. And analysts from banks and investment firms including $Morgan Stanley(MS.US$ , $Bank of America(BAC.US$ and $Oppenheimer Holdings(OPY.US$ expect more losses ahead.
SECTORS
Oil Market Strains Emerge as Europe, Asia Battle for Barrels
Europe intensified its competition for oil with Asia following the purchase of the most crude from the United Arab Emirates in at least six years, as buyers seek to replace Russian barrels and meet soaring fuel demand.
US Home-Price Appreciation Accelerates for Fourth Month
Home-price growth in 20 US cities picked up for the fourth straight month with Tampa, Florida, showing the biggest gains. A measure of prices in those 20 cities climbed 21.2% through March following a 20.3% gain in February, the S&P CoreLogic Case-Shiller index showed Tuesday. All 20 cities reported double-digit price increases for the year ended March and prices in Tampa jumped 34.8%, according to a statement.
COMPANIES
JPM Says Meta Will Become Broadcom's Next Billion-Dollar Customer
Facebook parent $Meta Platforms(FB.US$ will use $Broadcom(AVGO.US$ custom chips to build its metaverse hardware, becoming the chipmaker's next billion-dollar ASIC customer, analysts at $JPMorgan(JPM.US$ said on Tuesday.
Salesforce Q1 Revenue And EPS Beats, $42B Remaining In Revenue Under Contract
$Salesforce(CRM.US$ reported first-quarter revenue of $7.41 billion, up 24% year-over-year. The company reported first-quarter earnings of 98 cents per share, beating a Street estimate of 94 cents per share.
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HP's Quarterly Revenue Gains 3.9% on Thriving Business Demand
Fiscal second-quarter revenue increased 3.9% to $16.5 billion, $HP Inc(HPQ.US$ said Tuesday in a statement. Analysts, on average, projected $16.1 billion. Most of the gains came from business demand for desktop computers. Fiscal second-quarter profit, excluding some items, was $1.08 a share, topping estimates.
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Could Tesla Bring Apple AirPlay To Cars? Here's What Elon Musk Said
Elon Musk says he'll consider adding $Apple(AAPL.US$ 's AirPlay to $Tesla(TSLA.US$ 's sound system. AirPlay uses Wi-Fi instead of Bluetooth, and Tesla vehicles have Wi-Fi capabilities.
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Source: Bloomberg, WSJ, Benzinga, Reuters
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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