Wall Street Today | Fed's Daly Says More Rate Hikes Needed, Dismisses 'Pivot' Talk
MACRO
Fed's Daly Says More Rate Hikes Needed, Dismisses 'Pivot' Talk
The Federal Reserve needs to keep raising its benchmark interest rate in order to cool inflation, Mary Daly, president of the Federal Reserve Bank of San Francisco said Wednesday. "I do see more rate increases as necessary," Daly said, in an interview on Bloomberg Television.
US Companies Added 208,000 Jobs in September, ADP Data Show
US companies hired at a solid clip in September, suggesting demand for workers remains healthy despite rising economic uncertainty. Businesses' payrolls rose 208,000 last month after an upwardly revised 185,000 gain in August, the median forecast in a Bloomberg survey of economists called for a 200,000 advance.
SECTORS
OPEC+ Agrees to Biggest Oil Production Cut Since Start of Pandemic
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Wednesday to slash output by 2 million barrels of oil a day, delegates said, a move likely to push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine.
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Pound's Six-Day Rally Screeches to Halt on Resurgence of Dollar
The pound sank more than 2% as traders piled back into the dollar on bets that the Federal Reserve will stick to hiking interest rates. Sterling fell as low as $1.1227, snapping six days of gains, its best streak since April 2021.
COMPANY
Musk, Twitter Could Reach Deal to End Court Battle, Close Buyout Soon, Source Says
Elon Musk and $Twitter (Delisted)(TWTR.US$ may reach an agreement to end their litigation in coming days, clearing the way for the world's richest person to close his $44 billion deal for the social media firm, a source familiar with the matter told Reuters.
Google to Build South African Cloud in $1 Billion Africa Plan
$Alphabet-A(GOOGL.US$ said it will set up an African cloud service, as part of its $1 billion investment plan for the continent, that will allow users to store their data in-country.
Uber's Former Security Chief Convicted of Data Hack Coverup
$Uber Technologies(UBER.US$'s former security chief was convicted of concealing a massive data breach in a case that prosecutors tied to the company's troubled past under its original leadership.
Tyson Foods to Close Chicago, South Dakota Offices, Relocate Employees
$Tyson Foods(TSN.US$ said Wednesday that it is closing offices in Chicago, Downers Grove, Ill., and Dakota Dunes, S.D., which currently house many of its prepared-foods and beef-division employees.
Ford Hikes Starting Price of Its Electric F-150 Lightning Pickup for Second Time in Less Than Two Months
$Ford Motor(F.US$ is increasing the entry-level price of its electric F-150 Lightning pickup by $5,000 for the 2023 model year due to rising costs and supply chain issues. The starting price of the 2023 Lightning Pro model will be $51,974 – up nearly 11% and a 30% increase from the truck's $39,974 price in May 2021.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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meruson : classic example of collective intelligence
RDK79 : He’s probably a ‘shorter’, especially after Monday andTuesday good news run ups.