Wall Street Today | Fed officials back another big interest rate increase in July
MACRO
Fed Officials Back Another Big Interest Rate Increase in July
The Federal Reserve is well on its way to another sharp interest rate hike in July and perhaps September as well, even if it slows the economy. Fed Governor Waller believes increases are necessary if the institution is to meet its duties, and the market's expectations, as an inflation fighter. St. Louis Fed President James Bullard also says the best approach is to act quickly now then evaluate the impact the hikes are having.
Mortgage Rates Fall Again, Home Price Growth Cools, Roe V. Wade Influences Homebuyers
This week in the housing world, mortgage rates declined for the second consecutive week as home price growth slowed, the level of mortgage delinquencies remained low and the Roe v. Wade controversy permeated the homebuying process.
SECTORS
Oil Rises in Volatile Week as Tight Market Vies With Slowdown
Oil rose after a two-day decline as signs of tight physical markets outweighed concerns over a potential global slowdown. West Texas Intermediate crude futures rallied 4.3% to settle above US$102 a barrel. Meanwhile, gasoline inventories and refinery utilization rates fell, as crude stockpiles saw a larger-than-expected gain.
COMPANY
Musk's Purchase of Twitter May Be At Risk
Elon Musk's purchase of $Twitter (Delisted)(TWTR.US$ may be in jeopardy because Musk's team has decided that Twitter's spam figures aren't reliable, the Washington Post reported, citing unnamed people familiar with the matter.
Twitter Lays Off Third of Recruiting Team
$Twitter(TWTR.US)$ on Thursday said it laid off 30% of its talent acquisition team, as the company deals with increasing business pressures and a potential takeover from Elon Musk. The layoffs came after the company in May announced that it would be pausing hiring and looking to cut costs.
GameStop Tumbles on CFO's Firing, Reports of Job Cuts
$GameStop(GME.US$ fired Chief Financial Officer Mike Recupero, sending the shares tumbling 9% in extended trading amid reports of company-wide job cuts. The struggling video game retailer is making a number of reductions to staff, according to the latest company memo.
Levi's Sees Strong Earnings as People Wear Denim to the Office -- Even Skinny Jeans
$Levi Strauss & Co.(LEVI.US$ reported another upbeat quarter, and says it is benefiting as Casual Friday now stretches over the entire workweek at many offices. For the full year, Levi Strauss expects to earn between $1.50 and $1.56 a share on an adjusted basis, with revenue growth of 11% to 13%.
Amazon, Port Authority End Talks for Newark Airport Deal
$Amazon(AMZN.US$ and the Port Authority of New York and New Jersey scrapped plans for a new air cargo facility at Newark Liberty International Airport, a project that local activists had criticized. Previously, Amazon's cargo airline launched plans to spend $125 million to transform two existing buildings at the airport.
Netflix to Stream Johnny Depp's Return to Film in France
$Netflix(NFLX.US$ has acquired the rights to stream Johnny Depp's next film in France, a deal that will help fund the actor's first feature role following his defamation trial against ex-wife Amber Heard, and what he claimed was a wider boycott by Hollywood studios. Netflix said it would invest a total of 40 million euros on French movies in 2022, with the Depp film being one of its first picks.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
37KFollowers
26Following
38KVisitors
Follow
Giovanni Ayala :
71065744 :
Revelation 6 : Levi's Sees Strong Earnings as People Wear Denim to the Office -- Even Skinny Jeans.
Don't do it. Have some respect for you and your company. Just say no to skinny jeans, please.
As for Twitter laying off 1/3 of its talent acquisition team, that would be 33.3%. Not 30%. Being retail investors, numbers are our thing and 3.3% is a lot no matter how you cut it.