Wall Street Today | Google stock rises despite an ad downturn, second straight earnings decline
MACRO
After Fed Raises Interest Rates Wednesday, Investors to Look for Clues About What's Next
After the Federal Reserve lifts its benchmark interest rate on Wednesday, attention will turn to what Chairman Jerome Powell says about a rate increase at the central bank's meeting in September.
The Fed is likely to raise its federal-funds rate by 0.75 percentage points, to a range between 2.25% and 2.5%, at this week's meeting.
IMF Again Cuts Global Growth Forecast Amid Inflation, War in Ukraine
The international financial institution said Tuesday it now sees world economic growth slowing to 3.2% this year. The group has repeatedly cut its forecast for 2022, from 4.9% in October, 4.4% in January and 3.6% in April. Growth is expected to further slow to 2.9% in 2023, significantly slower than the 3.6% expansion projected in April.
US Consumer Confidence Drops to Lowest Since February 2021 as Inflation Bites
The Conference Board's index decreased for a third month to 95.7 from a downwardly revised 98.4 reading in June, data Tuesday showed. The median forecast in a Bloomberg survey of economists called for a decline to 97.
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SECTORS
Natural Gas Roars Toward Record Monthly Gain on Searing US Heat
US natural gas futures are surging toward the biggest monthly gain on record, buoyed by scorching weather and the expiration of August options. Gas has jumped more than 65% in July. Gas for August delivery settled up 3.1% at $8.993 per million British thermal units on the New York Mercantile Exchange.
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COMPANY
Google Stock Rises Despite An Ad Downturn, Second Straight Earnings Decline
Google parent $Alphabet-A(GOOGL.US$ Inc. reported the slowest quarterly sales growth in two years, as macroeconomic pressures weigh on the market for digital ads. Alphabet posted $69.69 billion of second-quarter revenue on Tuesday, up 13% from the same period last year. Shares of Alphabet Inc.'s Google popped more than 4% in extended trading Tuesday.
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Microsoft Earnings Dented by Cloud Slowdown, Videogame Sales Drop
$Microsoft(MSFT.US$ Corp. suffered its slowest earnings growth in two years, hurt by a sharp slowdown in its cloud business, declining videogame sales and the effects of strong dollar. The company on Tuesday posted sales of $51.9 billion for its fiscal fourth-quarter, up 12% for the same period a year earlier, though below Wall Street expectations.
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Twitter Schedules Shareholder Vote on Elon Musk's $44 Billion Takeover Bid
$Twitter (Delisted)(TWTR.US$ Inc. scheduled a shareholder vote on Elon Musk's $44 billion takeover proposal, weeks after the billionaire declared his intention to walk away from the deal. Twitter said Tuesday in a regulatory filing it would ask shareholders to vote on the arrangement at a meeting on Sept. 13.
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Visa Earnings Gain as Travel Comes Back
Travelers have returned to the road and skies, helping $Visa(V.US$'s fiscal third-quarter results to top Wall Street projections. The payments company's revenue climbed 19% to $7.3 billion in the most recent quarter as cross-border travel surpassed 2019 levels for the first time since the pandemic began.
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Shopify Says It Will Lay Off 10% of Workers, Sending Shares Lower
$Shopify(SHOP.US$ Inc. is cutting roughly 1,000 workers, or 10% of its global workforce, rolling back a bet on e-commerce growth the technology company made during the pandemic, according to an internal memo.
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